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.
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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.
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