[3 August/National Business Review]

T&G Global reported a 49 percent decrease in first-half profit due to poor weather impacting domestic pipfruit harvest timing, reducing fruit volumes and margins. Net profit attributable to equity holders decreased to $11.3 million, or 9.1 cents per share, in the six months ended June 30, from $22 million, or 18.2 cents, one year earlier. Revenue increased 19 percent to $501.6 million. The drop was most significant in T&G’s pipfruit business with a 40 percent slide in earnings to $11.8 million due to the cost of raw materials almost doubling. Chairman Klaus Lutz said poor weather also affected third party growing partners in New Zealand and internationally, leading to an overall decrease in the volume of fruit available.