Turners & Growers lifts net profit
Thu, 02 Aug 2012 2:06p.m.
Turners & Growers says first-half net profit rose 2.2 per cent to $7.1 million but it hasn't provided any other details.
The fresh produce company said it will release the details of its results for the six months ended June 30 by August 17.
Turners posted an $18.9m net loss for calendar 2011 because of $32.5m 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 per cent of Turners late last year and has since lifted its stake to 73.1 per cent.
In February this year, Scales Corp, which owns the Mr Apple packing business, announced it had bought just over 10.3 per cent of Turners at $1.90 a share and said while it supported BayWa's controlling position, it wished the company to remain listed.
Turners shares last traded at $1.70 on July 27, below the $1.85 BayWa paid GPG.
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