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)

Mon, 20 Feb 2023

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...

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