Turners & Growers Ltd has reported a 34 percent fall in profit in the 12 months to December 31. People ate fewer fresh fruit and vegetables during the recession, it said. The profit of $9.5 million was down from $14.1m last year. The board has yet to decide on a dividend. “Historically, the fresh produce industry has been relatively immune from the effects of economic recessions, but in 2009 things have been very different,” the company said. Consumers globally have reduced their purchases of fruit and vegetables and gone downmarket, seeking the cheapest offerings, specials and discounts. The company moved to reduce overhead costs. Turners & Growers had recently bought a transport business in the South Island intending to provide a long-haul refrigerated service that mirrored the North Island operation. -Otago Daily Times
Turners & Growers Ltd has reported a 34 percent fall in profit in the 12 months to December 31. People ate fewer fresh fruit and vegetables during the recession, it said. The profit of $9.5 million was down from $14.1m last year. The board has yet to decide on a dividend. “Historically, the fresh produce industry has been relatively immune from the effects of economic recessions, but in 2009 things have been very different,” the company said. Consumers globally have reduced their purchases of fruit and vegetables and gone downmarket, seeking the cheapest offerings, specials and discounts. The company moved to reduce overhead costs. Turners & Growers had recently bought a transport business in the South Island intending to provide a long-haul refrigerated service that mirrored the North Island operation. 