Turners and Growers turned to an annual profit in 2013 after two years of losses following writedowns

Thu, 27 Feb 2014

By Tina Morrison Feb. 28 (BusinessDesk) – Turners & Growers, the fruit marketer controlled by Germany’s BayWa, turned to an annual profit in 2013 following two years of losses when it wrote down the value of its orchards. Net profit rose to $16.2 million in calendar 2013, from a loss of $15.3 million in 2012 and a loss of $19.9 million in 2011, the Auckland-based company said in a statement. It wrote down the value of its assets by $29 million in 2012 and by $20.9 million in 2011. Turners & Growers said higher volumes, price increases, grea...

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