Mixed interim results for Seeka

Seeka Kiwifruit Industries maintained revenue and saw an increase in interim profit before non-recurring items.

Bottom-line profit fell 2.9 per cent to $8.2 million in the six months to September 30 from a year ago due to a writedown of $1.7 million on Seeka's investment in Vital Foods and a $400,000 cut in the consideration from the sale of South Auckland Packing and Coolstore.

Seeka maintained revenue at $95.5 million and increased earnings before interest, tax, depreciation and amortisation by $1.2 million to $17.6 million despite lower processing volumes.

Seeka's post-harvest revenue was down only 2.1 per cent at $66.3 million.

Net profit before tax, non-recurring items and impairments rose 21.3 per cent to $14.6 million.

Directors declared a dividend of 10 cents per share payable on December 16.

Seeka forecasts full-year earnings before tax, non-recurring items will be in the range of $6.9 million to $7.5 million, up from $5.6 million last year.

- NZPA