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Article: Nut grower posts its fifth quarterly loss
- Article from:
- Honolulu Star - Bulletin
- Article date:
- August 14, 2008
- Author:
CopyrightCopyright Honolulu Star - Bulletin Aug 14, 2008. Provided by ProQuest LLC. (Hide copyright information)
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ML Macadamia Orchards LP posted its fifth consecutive quarterly loss yesterday from the timing of the harvest season and lower contract nut prices.
The quarter accounts for less than 4 percent of the year's harvest of 21 million pounds, with production peaking in the fall and winter. The company has battled lower nut prices in the past year as it has faced a glut of nuts in the market with few buyers.
The state's largest macadamia nut grower said yesterday it lost $398,000, or 5 cents a class A unit, for the quarter ending June 30, compared with a loss of $356,000, or 5 cents a unit, a year earlier. The loss widened by 12 percent.
Total revenue was $1.6 million, up 31 percent from $1.2 ...