A poor apple harvest may cause a loss of between $1 million and $5m for T&G Global in the current financial year to December 31.
T&G said the loss would be down to two key factors - apple quality and its trading performance in the Northern Hemisphere.
“There has been a rapid deterioration in the quality of T&G’s premium New Zealand ‘Envy’ apples, particularly those apples exposed to the unusually heavy rains during the 2022 harvest,” the company said.
“This, combined with the late arrival of fruit into markets as a result of global supply chain disruptions, has unfortunately resulted in crop quality issues, with fruit rapidly deteriorating and consumers having an inconsistent eating experience,” it said.
As a result, inventories were higher at this stage of the year than normal, resulting in provisioning for fruit losses reports https://www.nzherald.co.nz