Seeka Kiwifruit Industries, the fruit grower, coolstore and packhouse operator, reported a 92 per cent drop in first-half profit as the Psa-V vine bacteria take a heavy toll on some kiwifruit varieties.
Net profit sank to $672,000, or 5c per share, in the six months ended June 30, from $8.5 million, or 59c, a year earlier, the Te Puke-based company said.
Revenue dropped 16 per cent to $67 million on declining kiwifruit volumes. Most dramatic was the slump in Zespri Hot16A gold to just 155,000 trays, compared with 1.2 million trays a year earlier.
Seeka's board declared an interim dividend of 6c per share, payable on September 27, with a September 20 record date. Seeka's shares closed down 1c yesterday at $2.04, after the company announced plans to invest in a coolstore in Malaysia.
Post-harvest operations revenue fell 21 per cent to $40.2 million, and earnings dropped 75 per cent before interest and tax to $2.6 million. Orchard operations revenue fell 7 per cent to $25.2 million, and earnings dipped 56 per cent to $2.4 million.
