Australia’s Buderim Ginger has said it expects its full-year net profit to be 30% lower than in 2002.
In August, while announcing its half-year results, Buderim had said it was confident of a rise in profits for the year to December 2003, reported the Australian Associated Press.
Chairman John Ruscoe said the rising value of the Australian dollar was adversely affecting the company’s profits.
“Profits on these (export) sales will continue to be adversely impacted for the remainder of the year unless there is a sharp and substantial reversal of the recent currency appreciation. This is not expected,” Ruscoe was quoted by AAP as saying.
Buderim, the world’s largest producer of confectionery ginger, derives 60% of its revenue from export sales.
Ruscoe also said the 2003 ginger crop, which was affected by severe drought, was more expensive to process.