Scales shares down after first-half profit drops 14% after bad weather, reaffirms annual guidance

Wed, 23 Aug 2017

By Rebecca Howard Aug. 24 (BusinessDesk) - Scales Corp shares fell 5.8 percent after it said its first half profit fell 14 percent after its apple orchards were hit by heavy rain and winds and needed more expensive care. Net profit was $29 million, or 20.7 cents, for the six months to June 30 versus $33.8 million, or 24 cents, in the same period a year earlier, the Christchurch-based company said in a statement. Revenue was $216.7 million, up 3 percent on the year, while earnings before interest, tax, depreciation and amortisation droppe...

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