Story image

Seeka post-harvest shed destroyed in fire, earnings likely to be unaffected

05 Mar 15

Seeka Kiwifruit Industries, the country's biggest kiwifruit grower, doesn't expect earnings to be materially affected by a fire that destroyed a shed at its Oakside post-harvest site in Tauranga, with insurance likely to cover the costs.

The fire destroyed the shed and significantly affected a coolstore containing about 250,000 trays, though more detailed investigations are underway, the Te Puke-based company said in a statement. Other central coolstores were partially affected by the blaze, which didn't injure anyone. The Oakside site is expected to process more than nine million kiwifruit trays in 2015 of the company's 24 million trays.

"The company will undertake the repairs and operational changes to enable the upcoming kiwifruit season to run without any adverse effect to our growers," it said in a statement. "Also at this stage Seeka does not anticipate any material affect to earnings, noting its comprehensive insurance cover."

Seeka reported a profit of $3.2 million in calendar 2014 on revenue of $115.7 million, though hasn't provided guidance for the current year.

The cause of the fire is still unknown.

Seeka shares last traded at $3.25, and have increased 0.6 percent this year.

How blockchain will impact NZ’s economy
Distributed ledgers and blockchain are anticipated to provide a positive uplift to New Zealand’s economy.
25% of malicious emails still make it through to recipients
Popular email security programmes may fail to detect as much as 25% of all emails with malicious or dangerous attachments, a study from Mimecast says.
Human value must be put back in marketing - report
“Digital is now so widely adopted that its novelty has worn off. In their attempt to declutter, people are being more selective about which products and services they incorporate into their daily lives."
Wine firm uses AR to tell its story right on the bottle
A Central Otago wine company is using augmented reality (AR) and a ‘digital first’ strategy to change the way it builds its brand and engages with customers.
DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Protecting organisations against internal fraud
Most companies tend to take a basic approach that focuses on numbers and compliance, without much room for grey areas or negotiation.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
Jade Software & Ambit take chatbots to next level of AI
“Conversation Agents present a huge opportunity to increase customer and employee engagement in a cost-effective manner."