Seeka chief executive Michael Franks has stated that early season kiwifruit volumes packed by the company are well down on estimate. This is mainly due to climatic events, including an atypically mild winter followed by a severe late frost, cyclone and more recently, hail. This means that yields are well down on expectation.
"Overall, the company estimates that total volumes could be down by 20% on the previous year and may result in a forecast operating loss for the current year," he says. "The company has proactively reduced costs, slowed its capital expenditure program and continued with its asset reviews."
Seeka advises that it is too early to accurately estimate full year guidance and will update the market on earnings when there is greater certainty of the current year's financial outlook.
Source: ruralnewsgroup.co.nz