Asset writedown hits Grocorp bottom line

Sales in 2000 rose to $14.5 million compared with $8.7 million previously. Grocorp says it made an operating surplus on its apple operations of $680,000 compared with an operating loss of $862,000 in 1999.

"This is a positive result, especially given that the final crop of 421,000 export cartons was the lowest in 5 years. This was as a result of significant hail damage experienced on two of the company's orchards which reduced export production by some 35%," the company said in a statement.

Grocorp also made a $1.136 million capital profit from the sale of its shares in Enza and a net write off of debt previously owed to the ANZ Bank of $550,000.

However in line with its three-year revaluation policy the company has taken a $3.675 million write-down hit on its orchard and packhouse assets, pushing it into the red. Directors have recommended that no dividend be paid.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.