Seeka’s net profit rises 92 per cent

Kiwifruit grower and packer Seeka Kiwifruit Industries has posted a net profit after tax of $7.1 million for the six months to the end of June. The result is up 92 per cent on the $3.7m reported in the previous corresponding period last year, and is based on turnover of $151.26m. Te Puke-based Seeka is the largest kiwifruit grower in New Zealand and Australia, and the second largest packhouse operator. The result reflects the completion of the avocado selling season, the first year’s business operations for Seeka Australia and record New Zealand kiwifruit volumes.

Chief executive Michael Franks said the company was looking at possibly expanding in Australia but would not go into details. The result was pleasing and followed the fourth year of double digit growth. Franks said the first half of the year was traditionally the most profitable, coinciding with the peak of the harvest. Last year’s total profit was $4.27m. Seeka also announced an increased dividend of 10c per share, up from 9c per share in the corresponding period.

The half-year results include one-off gains from discontinuing long term leases, which added $457,000 to the after-tax result.