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Poor macadamia results

This article was originally published in Foodnews

THE poor macadamia harvest in Australia is set to further hit profits at nut processor, Buderim Ginger. Buderim's half-year figures have yet to be published, but the company warned on 6 July that annual EBITDA is expected to reach A$4.0-5.0 million (US$3.2-3.9 million), down from A$7.5 million posted in its previous fiscal year. Net operating profit, excluding one-off gains, is forecast to "fall to around break-even" from last year's A$1.2 million, Buderim said. The downturn has also hit demand in the group's key export markets, while severe flooding in New South Wales hit macadamia volumes. Buderim also admitted that its plan to turn around its US unit, Mac Farms of Hawaii, was taking longer than expected. The group said it plans to release its half-year results by 28 August.

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