Scales apple revenue drops due to crop management costs
Managing director Andy Borland said double the average rain on its Hawkes Bay orchards resulted in higher costs to manage the crop for such things as spraying, storage and labour.
For the six months ending June 2017, revenue was slightly higher at $216 million but the extra costs reduced net profit after tax to $29m, down 14 per cent on the record 2016 profit.
Although Mr Apple export volumes were down about 5 per cent, Borland confirmed the company was on track for its forecast profit between $55m and $62m compared with last year's $67m.
Source: stuff.co.nz
