Scales full-year profit falls 17% as prices dip, costs rise after adverse weather

Tue, 27 Feb 2018

By Jonathan Underhill Feb. 28 (BusinessDesk) - Scales Corp posted a 17 percent drop in 2017 profit as its horticultural division contended with weaker sales prices and an increase in on-orchard costs after poor weather. Net profit fell to $31.8 million in calendar 2017 from $38.2 million a year earlier, the Christchurch-based company said in a statement. Earnings before interest, tax, depreciation and amortisation fell to $62 million, meeting guidance, from $67.3 million in 2016. Sales rose 7 percent to $399 million. Scales reiterated...

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