New Zealand fresh produce distributor Turners & Growers (T&G) posted a slip in profits today (13 August) as a result of the write-down of an investment in Worldwide Fruit Ltd.

For the six months to 30 June, profit dropped to NZ$6m (US$4m), down from NZ$8.7m in the corresponding period of 2008.

T&G attributed the loss to last year's purchase of Kerifresh and the write-down of the NZ$4.2m investment in Worldwide Fruit.

Revenue, however, increased by 3.4% on the previous year to reach NZ$314.9m.

"The result is adequate considering the current economic uncertainties and apprehension about New Zealand's recovery," the company said.

"It has been pleasing to note that shareholder funds have increased in the past 12 months by $14.2m (5%). This has been achieved despite the economic recession, which has seen lower consumer confidence affecting buying behaviour."

The group said it was confident of the underlying strength of the group but is reluctant to predict the outcome in an industry.