Seeka Limited [NZX:SEK] has forecast a net loss before tax of between $20 million and $25 million for the full year to 31 December 2023, due to much lower than anticipated New Zealand kiwifruit volumes.
This is primarily attributed to adverse weather events, such as frost, storms and wetter conditions during pollination and throughout the growing season.
The Company has put in place cost containment measures and is progressively reviewing and restructuring every business unit.
Seeka is expecting to record a profit in the six months ended 30 June 2023, however, a loss is expected in the second six months ending 31 December 2023 due to low inventory levels.
The Company is engaging with its banking syndicate and anticipates improving volumes in 2024.
The Company will release its 6 months result by 31 August 2023.
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