Zespri almost tripled annual profit following a record crop as the industry recovers from the Psa vine bacteria.
Profit rose to $20.5 million in the 12 months ended March 31, from $7.3 million a year earlier, as it lifted global kiwifruit sales seven percent to $1.62 billion, the Mt Maunganui-based company says.
"Ongoing global economic uncertainty, rising costs and a volatile dollar are providing significant headwinds for Zespri," says chairman John Loughlin.
"It is in these difficult times that the united structure of the New Zealand kiwifruit industry really proves its worth."
New Zealand's kiwifruit industry came under pressure after the Psa bacteria was discovered in 2010, infecting more than 40 percent of the nation's kiwifruit.
Earlier this year Zespri launched a recovery plan it hopes will produce a strain of gold kiwifruit that resists the bacteria.
Mr Loughlin says Psa will continue to result in smaller gold kiwifruit crops in the 2013/14 year, and Zespri has already stripped out $10 million in corporate costs to account for the lower volume.
"In 2014/15 we expect to see gold volumes recover as the Psa-recovery pathway centred around the Zespri variety of Gold3 begins to take effect," he says.
