By Hugh Stringleman
Friday 18th July 2003 |
Text too small? |
It also maintained a steady 60% orchard gate payment ratio from total sales amounting to $860 million, compared with $800 million the year before.
Growers received an average of $8.61 per tray ($1.28 higher than the previous year) or $33,685 a canopy ha.
Net profit was $14.4 million, from which directors propose to pay $4.2 million or 20c a share fully imputed to shareholders in October.
The dividend represents a 16% return on the $1.20 share issue price.
Chief executive Tim Goodacre said kiwifruit sales in the current season were progressing well but that returns to growers and future dividends depended on the value of the New Zealand dollar during the selling season. Zespri has about 25% of sale value hedged in forward currency exchange contracts.
NZ Green and Gold kiwifruit were holding price and volume improvements gained in the large Japanese market, he said. Gold kiwifruit were well established in the European market.
They were bringing growers about $2.50 a tray more than green fruit. Organic growers enjoyed a similar margin over the green fruit base.
The 2002/03 year was the first that Zespri maintained a year-round market presence with one million plus trays of counter-seasonal supply successfully sold.
However, it is early days to see if that strategy will be profitable for New Zealand growers.
Total volumes of fruit sold by Zespri last year amounted to 62 million trays, which is expected to increase slightly this season.
No comments yet
2025 Annual Shareholders' Meeting and Director Nominations
Meridian Energy monthly operating report for July 2025
August 15th Morning Report
VGL upgrades aspirations, accelerates to meet client demand
August 14th Morning Report
VHP - Focus on Fundamentals: Driving Operational Performance
August 13th Morning Report
Devon Funds Morning Note - 12 August 2025
Spark announces sale of 75% of data centre business
Blackpearl Announces $15M Capital Raise & Market Update