A poor harvest in Hawaii and the strength of the Australian dollar has caused nut processor Buderim Ginger to warn that its losses will widen this year.
The Australia-based firm said a drought had hit its macadamia orchard in Hawaii, where the bulk of harvesting will be delayed into the first quarter of 2011.
Buderim also admitted that the rising value of the Australian dollar had hit its ginger business, where exports account for half of sales.
Furthermore, a review by the company’s management has thrown up “a substantial write-down in stock value” due to “slow moving and deteriorated revenues”, Buderim said today (1 November).
The group now expects to make an annual loss of A$3.6m (US$3.6m) for 2010, compared to an A$3.5m loss a year earlier.