Buderim Ginger has held firm in its forecast to “significantly” increase profits this year, stating that its expenditure is expected to drop following the completion of upgrades at its factories.

Profit for 2008 would increase despite an anticipated 15% shortfall in the Australian ginger harvest, chairman John Ruscoe told shareholders at the company’s AGM in Brisbane.

However, the company said that it is loath to make more specific profit predictions at this early stage in the year due to increased economic uncertainty in its global markets.

“Subject to relatively stable economic and competitive conditions in key markets, the achievement of budget targets throughout the remaining nine months of the company’s financial year, and the successful bedding down of the recently purchased macadamia business, increases in the Group’s 2008 profit, before tax and outside equity interests, are expected to be in the range of A$1m to A$2m,” the group’s directors stated.

The company added that the increase in EPS could be in the range of 2 to 4.5 cents per