T&G Global downgrades earnings forecast

Heavy rains disrupted the apple harvest, contributing to the earnings downgrade. (Image: Getty)

Tue, 15 Nov 2022

Produce company T&G Global is forecasting a pre-tax loss as a result of heavy rains and supply issues affecting apple quality. The company said its before-tax result for the 2022 calendar year was likely to be a loss of between $1 million and $5m. This compares to a pre-tax profit of $9.8m in 2021. There was a rapid deterioration in the quality of T&G’s premium apples, branded as Envy, particularly those exposed to heavy rains during the 2022 harvest. Combined with the late arrival of fruit into markets due to suppl...

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