Zespri International, which controls exports of New Zealand kiwifruit, more than doubled annual profit after it recognised deferred revenue from prior seasons, while lifting sales 16 per cent on productivity gains and a shortage of rival Chilean kiwifruit.
Net profit rose to $34.6 million in the 12 months ended March 31 from $17.2 million a year earlier, the Mt Maunganui-based company said in a statement. Stripping out a $13.1 million gain on in the inclusion of Gold kiwifruit license revenue that had been deferred from earlier seasons, earnings were $21.5 million. Sales rose to $1.57 billion from $1.22 billion year earlier, with export earnings up 18 per cent to $1.09 billion.
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"These strong headline results were achieved because of the effort of growers, the post-harvest sector and the Zespri team onshore and in the markets," chairman Peter McBride said. "Our result was helped by sales performance and by productivity increases, with average yields now at nearly 9,000 trays per hectare."
In December, Zespri said it expected record pre-hectare returns for green and green organic kiwifruit in the season, due to the Chilean supply constraints, favourable market conditions and strong end-of-season sales.
