End to orcharding in sight for Apple Fields

By Phil Boeyen, ShareChat Business News Editor

Monday 18th December 2000

Property developer Apple Fields (NZSE: APF) has reported a loss of $3.4 million for the year to the end of September and says it is nearing the long withdrawal from its orcharding business.

This year's result compares with a $6.4 million dollar deficit last year. The company had revenue of $18 million from property sales.

Shareholder equity has reduced from $4.7 million to $1.3 million, helped by the successful rezoning of some property holdings adjacent to Christchurch and the sale of 40 hectares of residential land.

Over the past year the company also helped to find buyers for $10 million of property which was balance of the property assets controlled and sold by Tower Trust and its advisors, as Trustee of the Rural Super Bond Superannuation Scheme.

It says the last of the properties, Noble, is also close to being sold and on settlement the company's obligation to the Rural Super Bond will have been met and members' investments repaid.

Apple Fields announced a decision to wind up its rural bonds scheme more than two years ago.

On completion of the Noble sale the company will have no debt and will hold an interest in five joint ventures. It is planning to supply rezoning and development expertise in return for a share in the increase in value of the properties.

Apple Fields says the company's future lies in pursuing opportunities in specialised rezoning and development areas, working in conjunction with joint-venture partners.

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