SPC Ardmona's reduced earnings have contributed to a lower than expected profit outcome for parent company CCA.
The poor performance of fruit processor SPC Ardmona has contributed to Coca Cola Amatil’s reduced earnings for the first half of the year.
CCA group managing director Terry Davis said today (Tuesday) the difficult trading conditions for the Australian beverage business in the grocery channel, combined with the impact on SPC Ardmona (SPCA) earnings from imported private label products and the slowdown in the PNG economy regrettably led to a reduction in earnings for the first half of 6.9 per cent.
‘‘The restructuring of the SPCA business continues with initiatives being undertaken to materially reduce the cost of doing business,’’ Mr Davis said,
‘‘Many countries have used the high Australian dollar to dump packaged fruit product into the market at below cost. SPCA has applied for temporary tariff protection and has also lodged an anti-dumping application with the Australian Government.
‘‘The application seeks tariffs ranging from 30-50% on imported packaged fruit being dumped into Australia which would assist in providing a more level playing field for Australian grown and produced product. SPCA has also applied for a government grant to support restructuring, cost out and for future packaged fruit and vegetable innovation,’’ Mr David said.
More in the Country News next week.
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