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T&G Global saw its operating profit plunge from $20 million in 2022 to a $46m loss last year.
Weather events like Cyclone Gabrielle that hit over one year ago have landed two of the country's biggest fruit and vegetable traders with massive trading losses.
T&g Global, which grows apples, tomatoes, citrus and blueberries, and partners with over 800 independent growers to export to 60 countries, saw its operating profit plunge from $20 million in 2022 to a whopping $46m loss last year. The listed company's net loss before tax ballooned to $64.2m, compared to a $3.3m loss the previous year.
Another listed company, Seeka Limited, posted a half-year net loss of $14.5m, down from a $6.5m profit the previous year.
Both companies blame weather events for their financial woes Cyclone Gabrielle, which hit Northland and Hawke's Bay in February last year, left some orchards in ruins.
T&G Global chair Benedikt Mangold says their loss reflected both the cyclone's physical and fiscal impact and a challenging year in terms of growing and economic conditions.
"The February cyclone completely disrupted our apples operations in Hawke's Bay for five days, destroyed orchards on some 13% of our planted hectares and interrupted our supply chains for export and domestic crops. The cyclone, along with five-year highs in rainfall and lows in sunshine across the year, made conditions more than challenging."
Across at Seeka, a difficult 2023 harvest was extended beyond cyclone-affected areas and even in Australia. But the company is also bouncing back with better marketing and suspending dividends and reducing overheads. Seeka is one of the country's largest kiwifruit growers and also exports apples and pears.
Seeka chief executive Michael Franks says the 2023 harvest was difficult right across the horticultural sector, as a warm wet winter, cyclones and hail significantly impacted orchards in New Zealand and Australia.
If there was a silver lining in the tragedy that was Cyclone Gabrielle, for New Zealand Young Grower of the Year, Grace Fulford, it was the tremendous sense of community and seeing first-hand what good leadership looks like.
Listed carpet manufacturer, Bremworth is undertaking a $6 million expansion at its Napier plant more than two years after the site was heavily damaged by Cyclone Gabrielle.
The road between Napier and Wairoa is on the mend.
The Good Carbon Farm has partnered with Tolaga Bay Heritage Charitable Trust to deliver its first project in Tairāwhiti Gisborne.
A large Māori-owned kiwifruit business that was badly damaged by Cyclone Gabrielle has bounced back with a vengeance.
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.
