PSA virus drags Seeka to $7.1 million loss
Seeka Kiwifruit Industries experiences a $7.1 million loss following the damage of vines by the PSA virus.
Seeka Kiwifruit Industries has been hit hard by the Psa kiwifruit virus, which has caused the company to fall into a $7.1 million loss in the year of 2011.
The PSA outbreak has dented the carrying value of vines in the company’s 105ha of “gold” orchards, resulting in a charge of $9.7 million.
The board also reviewed the valuation of post harvest, investment assets and goodwill in light of the downturn across the entire kiwifruit industry, resulting in an impairment charge of $8.8 million.
Seeka has since reported an after tax loss of $7.1 million compared to an after tax profit of $6.4 million during the previous corresponding period.
The majority of the Psa outbreaks have been around the Bay of Plenty region, after the virus first broke out in the Te Puke district in November 2010.
Earnings before interest, depreciation, tax, fair value adjustments, amortisation, impairments and asset revaluations (ABITDAF) for the company totalled $20.8 million, which is up 4.6% compared to the previous corresponding period where the total was $19.9 million.
Seeka’s revenue from ordinary activities rose by 12% to $137 million, with the company’s shares closing at $1.00, down 2 cents.
NBR Staff
Tue, 28 Feb 2012
Tue, 28 Feb 2012
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PSA virus drags Seeka to $7.1 million loss
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