Scales withdraws profit guidance over Cyclone Gabrielle damage

Scales withdraws profit guidance over Cyclone Gabrielle damage
Cyclone Gabrielle ripped through some of its orchards before much of it could be picked. (Image: Getty)
Dileepa Fonseka
The owner of Mr Apple, New Zealand's largest apple grower, is withdrawing its 2023 underlying net profit guidance after Cyclone Gabrielle ripped through some of its orchards before most produce had been picked. In a market update to the NZ stock exchange (NZX), Scales Corporation said the cyclone had affected four of its 15 orchards. Three had extensive damage and one was moderately affected. The company said it did not expect the cyclone to have a "material operating impact" on other business units, which it said had ac...

More Finance

Like it or not, cryptocurrency is going mainstream in NZ
Finance

Like it or not, cryptocurrency is going mainstream in NZ

Koura Wealth’s bitcoin KiwiSaver fund is Morningstar’s runaway 12-month performer.

Tower's new risk ratings to affect premiums
Finance

Tower's new risk ratings to affect premiums

Sea surge and landslide risk can now be calculated house by house.

Pattrick Smellie 20 Aug 2025
Investor visas a gold mine for private credit
Finance

Investor visas a gold mine for private credit

More than $55m committed for residency destined for credit funds which lend to NZ firms.