New Zealand ingredients company Cedenco said the fast appreciation of the New Zealand dollar in comparison with the US dollar could hit profits in its coming financial year.
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The New Zealand dollar has been trading at approximately US$0.4690, down slightly from its recent highs but still up almost 13% on the end of last year.
Cedenco said in its interim report to shareholders today [Tuesday]: “Of concern has been the recent strengthening of the New Zealand dollar against the US dollar, our main trading currency. This will impact earnings in the next financial year unless it reverses its present trend.”
Late May, Cedenco reported net profits worth NZ$1.28m (US$602,673) for the six months to 31 March, down from NZ$2.39m a year earlier. Turnover in the two periods remained stable.
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