Turners & Growers bears first-half fruit

By Phil Boeyen, ShareChat Business News Editor

Monday 25th February 2002

Secondary-listed produce business Turners & Growers (NZSE: TUR) has posted a 25% improvement in interim profit.

For the six months ended December the company had a tax paid surplus of $3.72 million, up from $2.97 million previously.

T&G says its fruit and produce businesses, including exports, remains under the impact of unpredictable weather and growing patterns which have resulted in shortages in some areas and oversupply in others.

Other businesses, including its fruit case subsidiary and transport operation, have shown improvement during the period but its flower auction business is experiencing reduced consumer spending and lower prices.

"Turners Auctions has again reported an above-budget first half and should exceed its targets for the full year, although the government moves on frontal impact standards may affect future profitability," the company warns.

The company also reports that its Sholto Glasshouse joint venture is performing according to plan and has announced the purchase of Status Produce, which is expected to increase the business assets and capacity of Sholto by over 150%.

"The combined company is to become operational on or about April 1 this year and will be renamed Status in recognition of the new investment."

Turners & Growers is 45% owned by listed investment company Guinness Peat Group (NZSE: GPG).

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