Australia’s Buderim Ginger has said it expects its full-year net profit to be 30% lower than in 2002.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRuscoe also said the 2003 ginger crop, which was affected by severe drought, was more expensive to process.
