Friday, April 26, 2024

Storm damage minimal

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Scales Corporation has confirmed just minimal damage to its Hawke’s Bay apple crop in mid-April’s near cyclone storm.
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The high winds and heavy rain in the April 13 storm knocked some apples off the trees, chief financial officer Steven Kennelly said.

Scales generally allows for some weather impact in its crop budgeting and the losses were “within the normally expected tolerances”.

The Mr Apple orchards were by then more than half way through the annual harvest, and were now at between 60 and 70%. The harvest was a pretty good one.

International markets were a bit tougher than last year’s very good results “but we’re still getting them through”, Kennelly said.

Scales will update its full harvest outcome at the annual meeting in Christchurch on June 14.

The company has indicated that in line with usual practice, a final dividend for the December 2016 financial year will be announced in May, for payment in July.

Scales is expected operating earnings (Ebitda) of between $55 million and $62m. This was the same as its early forecasts last year, before posting Ebitda much higher at $67.9m. 

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