Turners and Growers forecasts FY net loss up to $19M on orchard writedowns

Thu, 06 Dec 2012

Dec. 7 (BusinessDesk) - Turners & Growers, the fruit marketer controlled by Germany’s BayWa Aktiengesellschaft, changed its guidance and is now forecasting a full-year loss, reflecting a writedown of its orchards. “Early indications are that there will be write-downs, particularly of orchard properties and biological assets,” the company said in a statement. “As a result the after-tax loss is forecasted to be between $16 million and $19 million.” “Despite continued challenging domestic market conditions trading has been steady albeit it is m...

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