21 Jan 2012

Turners and Growers expects loss

9:01 am on 21 January 2012

Takeover target Turners & Growers is expecting a loss of between $17 and $19 million in the year to December.

The listed horticulture firm says it traded profitability last year but will take a hit after writing down the value of assets by $21 million following a review.

The company says orchard land values have been hard hit by the kiwifruit vine disease PSA, poor grower returns and global economic uncertainty.

German firm BayWa launched a $216 million takeover offer for Turners & Growers last year and has acceptances giving it 67% of the firm.