Kiwifruit marketer Seeka lifts profit forecast

Picture / Jimmy Joe

Seeka Kiwifruit Industries today lifted its March year profit forecast after kiwifruit marketer Zespri revised up its forecast returns for the 2006 selling season.

Seeka said it now expected operational earnings before tax to be in the range of $3.75 million to $4.25 million up from earlier forecast of $3m to $3.5m.

The expected fruit value for the green kiwifruit variety had increased by 8.2 per cent and this has had a significant effect on the expected financial performance of the company's orchard leasing operations, Seeka said.

It said it understood lower in-market fruit losses along with lower offshore costs had led to the improvement in fruit returns.

Seeka shares last traded at $3.55 and have traded between $2.99 and $4.16 in the last year.

- NZPA