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Quarterly figures: profit up 12%
Higher citrus prices good for Limoneira's bottom line
Limoneira has seen sales increase by 12% to $31,6 million over the first quarter of the 2018 fiscal year. The American group is active in the citrus market but is also involved in real estate projects. The higher turnover is as a result of higher prices for lemons and oranges when compared to the same period last year.
Lemon sales amounted to $27,8 million (2017: $26 mill). It is not only the prices that were higher in the same period as last year; volumes have also increased. About 912 000 (2017: 909 000) boxes of lemons were brought to market. This was at an average price of $26,32 (2017: $23,10) per box.
Due to their cultivation seasons, avocados were not marketed in the first quarter of the book year. The turnover for oranges rose to $1,3 million, an increase of $500 000. Other products in the assortment showed a growth of $900 000 in turnover. This is mainly due to the citrus' larger volumes and higher prices.
Over the first quarter, Limoneira reported an operational loss of $1,7 million. This is a vast improvement with regard to the $3,2 million's worth of operational losses a year earlier. These improved figures are thanks to the higher turnover. The EBITDA amounted to $0,2 million against a negative EBITDA of EUR1,3 million of the previous year.
Publication date: 3/9/2018
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