Turners & Growers Limited is pleased to announce an unaudited half-year profit after tax of $7.1 million for the six months ended 30 June 2012, an increase of 2.2% on the result for the corresponding period last year.
Turners & Growers posted an $18.9 million net loss for calendar 2011 because of $32.5 million of write-downs of its orchards, a tax write-off and takeover costs.
Germany-based BayWa Aktiengesellschaft bought former major shareholder Guinness Peat Group’s 63.5% of Turners & Growers late last year and has since lifted its stake to 73.1%.
In February this year, Scales Corp, which owns the Mr Apple packing business, announced it had bought just over 10.3% of Turners & Growers at $1.90 a share and said while it supported BayWa’s controlling position, it wished the company to remain listed.
Turners & Growers shares last traded at $1.70 on July 27, below the $1.85 BayWa paid GPG.