Grocorp hit by more writedowns

The corporate orchardist had earlier posted an unaudited loss of $1.3 million, compared with the previous year's $862,000 deficit.

Grocorp says land and improvements were written down by $4.65 million, reflecting the poor returns apple growers have received over recent years and the marketing uncertainty and political turmoil that continues to plague the industry.

Abnormal income of $1.686 million was received during the year, made up of the sale of Enza shares and debt restructuring.

The company had operating earnings of $680,000, after interest payments of $1.080 million.

Grocorp says subsequent to balance date it has received an increased "export permit" that will enable it to export 270,000 cartons of fruit independently of Enza, around 130,000 cartons more than it exported last season.

It says the results from these "permit" exports have been encouraging with a satisfactory operating surplus being generated.

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