Buderim Ginger profits on back of 44% lift in revenues
Food producer, Buderim Ginger Limited, today announced after-tax profit for 2008 more than doubled to $2.006M from $671,000 in 2007.
“Operating profit for the Group increased solidly for the full year and the result was boosted by a one-off benefit pertaining to the recent acquisition of Mac Farms of Hawaii,” Chairman, John Ruscoe, said. “The result was struck on a 44% lift in annual revenue to $74M. The Board was satisfied with the result particularly given the economic conditions which affected all of the businesses end-markets in the second half.”
He also noted that “in difficult times the food industry tended to be more resilient than other parts of the economy.”
“Against an uncertain and rapidly-changing economic backdrop due to the global financial crisis, we believe that it is unwise to offer any profit guidance for 2009 at this time. However, I can assure shareholders that our business targets call for improved operating results across all operations and, despite the uncertainty gripping all of our end-markets at present, we are confident that our business model will deliver continued improvements,” Mr Ruscoe stated.