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  1. #61
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    From New Zealand Herald:

    Apples spoil T&G's half-year
    26.08.05

    Produce company Turners & Growers says apple export problems are the main reason for its unaudited profit before tax for the June half year falling from $8 million to $6 million.

    Revenue dropped 12.8 per cent to $248.6 million and earnings before interest and tax fell 20.6 per cent to $9m. No dividend has been declared.

    Three weeks ago the company, which owns Enza, the biggest marketer of New Zealand apples, issued a downgraded profit forecast because of the apple problems.

    In the half-yearly report Turners & Growers said it estimated its full-year result may be down somewhat on last year, "although not by large amounts".

    The report said apple exports had started slowly last season due to climatic factors and there had been a reduction in shipments.

    The late start to the season had been compounded by an oversupply of the European market, which also held carryover stocks of last season's Northern Hemisphere fruit.

    British fruit sales had been steadier than in Europe and it was hoped prices would hold up in the later part of the season.

    North America had generally achieved good prices to date with the exchange rate being the main challenge. But some evidence of weakness was emerging with the arrival of Northern Hemisphere new season varieties, and because of unnecessarily low price offers from other New Zealand exporters.

    While there was serious concern about New Zealand apple growers continuing to pull out trees of the traditional varieties or exit the industry, the report said Enza remained confident of a longer term future for the new jazz variety in which it held exclusive world-wide production and marketing rights.

    "Our medium and longer term future in pipfruit is also predicated on our involvement with jazz, which we are confident will prove a strong strategic advantage."

    Apart from prices and exchange rates, the report said the company's concern was a continuing loss of production as growers moved to alternative land uses.

    Overall in the fresh domestic sector, the company said it appeared to be holding market share with results up on the equivalent six months of last year.


  2. #62
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    "In the half-yearly report Turners & Growers said it estimated its full-year result may be down somewhat on last year, "although not by large amounts".

    YEAH RIGHT LOL

    Latest apple industry rumour suggest ENZA have close to 1m cartons of apples holed up in Europe with no chance of sales now the Northern Hemisphere season has started ......... whatever is left up there now will be dumped incurring further losses , perhaps $20m if the carton numbers rumoured to be unsold are vaguely accurate.

    The company is simply NOT being honest with its shareholders IMHO!

    Misc


  3. #63
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    It maybe while GPG dumped a chunk or TUR not long ago.

    The French Apples are now hitting stores and are very cheap (well the French do not need to generate income from the sale of their goods afterall).

  4. #64
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    quote:Originally posted by Misc


    The company is simply NOT being honest with its shareholders IMHO!

    Misc


    AGREE !

    I recall when GPG did the placement of shares. The brokers that placed those shares was telling the investors how great the company is doing and how the pit fruit market is booming. A poor mate of mine got sucked into the BS.
    This stock shines so bright that it \"Bling Blings\"

  5. #65
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    Let's not forget the fact that GPG is still the MAJOR shareholder by far. I don't think its in their interest to see the share go down.

    DISC: Hold TUR

  6. #66
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    Quite right TD. It is not in GPG's interest to have the share price go down ..... thats basically why I distrust the half yearly report so much !!

    Did you buy at $2.75 ??

    Misc

  7. #67
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    quote:Originally posted by Misc

    Quite right TD. It is not in GPG's interest to have the share price go down ..... thats basically why I distrust the half yearly report so much !!

    Did you buy at $2.75 ??

    Misc
    Says one mug to the other.

  8. #68
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    haka you are the quintessential "wrecker and hater"
    keep on digging mate

  9. #69
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    quote:Originally posted by haka

    quote:Originally posted by Misc

    Quite right TD. It is not in GPG's interest to have the share price go down ..... thats basically why I distrust the half yearly report so much !!

    Did you buy at $2.75 ??

    Misc
    Says one mug to the other.
    I have to agree with you there Haka.

    GPG says thanks for coming guys. Made their money floating this at high IPO price and then placing some of their shares just before the bad news.
    This stock shines so bright that it \"Bling Blings\"

  10. #70
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    quote:Originally posted by kittydashwood


    haka you are the quintessential "wrecker and hater"
    keep on digging mate
    Only a fool would write that it's not in GPG's interest to have TUR's share price down so the results cannot be trusted!

    Heck, GPG could only offload 12.25m of the 20.25m shares they tried to place and only mugs (no institutions) took them.

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