16 Mar 2012

Satara reports loss, not paying dividend

2:00 pm on 16 March 2012

The effect of the Psa virus has caused kiwifruit and avocado cooperative Satara's books to again sink into the red.

The Bay of Plenty grower reported a full year loss of$ 214,000 in the year ending 31 of December, an improvement on the previous year's $4.8 million loss.

Its bottom line was hit by a $1.9 million impairment charge on the value of its orchards and assets as a result of the Psa outbreak in the region.

Excluding one-off items, the group's underlying profit was $2.5 million, up from $57,000 the previous year, as it handled more fruit.

The cooperative, which has undergone a recent restructuring to maximise efficiency savings and minimise fruit loss this season, says it won't be paying a dividend this year.