Buderim Ginger forecasts $3.6 million in losses
Queensland-based ginger, fruit and nut manufacturer Buderim Ginger has estimated its expected losses for 2010 at $3.6 million, hurt by the strong Australian dollar, drought conditions in its Hawaiian macadamia plantations, and slow-moving products.
Ginger exports were particularly affected by the strength of the Australian dollar, which accounts for around half of the company’s annual turnover.
As a result of the drought, the company’s Hawaiian macadamia harvest will be delayed until the first quarter of next year.
Deteriorated inventories were also cited by the company as part of the expected losses, with a “comprehensive review” by new management cleaning out the company’s pantry.
Buderim remained upbeat, despite the second year of losses over $3 million ($3.5 million in 2009), describing the company’s tourism arm as enjoying a “relatively good year” and its bakery business as “strong”.
The woes of the company’s Hawaiian macadamias did not reach their Australian plantations, with the strong international demand for macadamias balancing the impact of the high Australian dollar.
