NZ Sugar Co's profits dip as sales rise

The Chelsea Sugar factory in Birkenhead, Auckland. (Image: NZME)

Thu, 06 Jun 2024

Despite a sales boost, New Zealand Sugar Company’s profits dropped marginally in 2023.In annual earnings lodged with the Companies Office on Thursday, NZ Sugar Company (NZSC) declared a total comprehensive income of $19.6 million. That compares with $20m in 2022.This slight drop came despite revenues growing 16.7% to $313m because the cost of sales likewise ballooned 19.9% to $272m.NZSC did not offer commentary on the cost rise and is yet to respond to BusinessDesk’s request for comment.The company’s inventory rose nearly 50%...

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