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Scales Corporation says lockdowns in China led to material reductions in market prices during critical sales windows.
Scales Corp says it is still appraising the impact of Cyclone Gabrielle on the horticultural side of its business.
The company made this statement after reporting on its half year result. It reported that lockdowns in China had led to material reductions in market prices during critical sales windows, which impacted its horticulture division.
Scales added that lower volumes, higher shipping costs and labour availability also impacted its horticulture division.
The underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) in its horticulture division were $17m - versus $40.8m in the prior year.
Meanwhile, the company has withdrawn its full-year guidance for 2023 due to the wide-ranging impacts of Gabrielle. An initial assessment from the company said the material impact will be on Mr Apple's orchards.
The recent East Coast Farming Expo, held over two days at Wairoa, offered an insight into the current state of agriculture on the east of the North Island, at a time when the locals are remembering the second anniversary of Cyclone Gabrielle.
Scales Corporation managing director Andy Borland says the company has delivered an outstanding result.
Many companies are financially mortally wounded by the effects of Cyclone Gabrielle and may have to sell up because of their high debt levels.
Dean Smith has been in the role of CEO of Summerfruit NZ for about four months, having succeeded Kate Hellstrom at the end of September.
Just on two years ago Cyclone Gabrielle wreaked havoc in Hawke's Bay causing massive damage to NZ's largest apple growing region.
Federated Farmers supports a review of the current genetic technology legislation but insists that a farmer’s right to either choose or reject it must be protected.
New Zealand’s top business leaders are urging the US Administration to review “unjustified and discriminatory tariffs” imposed on Kiwi exporters.
New tariffs imposed by President Donald Trump signal an uncertain future, but New Zealand farmers know how to adapt to changing conditions, says Auriga Martin, chief executive of Farm Focus.
A global trade war beckons, which is bad news for a small open economy like New Zealand, warns Mark Smith ASB senior economist.
Carterton's Awakare Farm has long stood as a place where family, tradition and innovation intersect.
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