Turners posts $5.9 mln year profit

By NZPA

Monday 16th September 2002

Produce marketer Turners & Growers Ltd recorded a net after tax profit of $5.9 million for the full year to June 30, majority shareholder Guinness Peat Group (GPG) said today.

The result was 13 percent lower than a year earlier and was based on earnings before interest and tax (ebit) of $9.7 million.

The company's fresh produce division, including property investments, recorded a surplus before interest and tax of $4.3 million.

Vehicle auction subsidiary Turners Auctions Ltd, which was spun off from the group on May 1, posted an operating surplus before interest and tax of $5.4 million for the ten months up until its split.

Turners Auctions is currently being floated on the Stock Exchange through an initial public offer.

Turners & Growers is 46 percent owned by GPG, the London-based investment group of corporate raider Sir Ron Brierley. Ecuador-based banana exporter Naboa Corp owns 25 percent, and the balance is held by about 800 grower shareholders.

Turners & Growers and apple exporter Enza Ltd, another GPG subsidiary, are currently mulling a merger that would create the country's largest horticultural company.

The merged unit is expected to seek a Stock Exchange listing early next year.

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