Zespri drops $13.9 mln provision for China invoicing scandal, ups profit forecast

Wed, 16 Mar 2016

By Fiona Rotherham March 16 (BusinessDesk) - The board of kiwifruit marketer Zespri has increased its profit forecast for the 2016 financial year by $13 million after being assured it no longer needs to hold a provision in its accounts relating to the under-declaration of customs duties by a Chinese subsidiary. The forecast profit range is now $32 million to $35 million for the year ending March 31, compared to $19 million to $22 million previously. Zespri had been holding a $13.9 million provision since the 2012/2013 financial year af...

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