The recently elected board of Queensland-based Buderim Ginger is confident that the ginger-processing and marketing firm will continue to improve its operating performance over the course of 2002, after it reported net profits of A$1.28m (US$664,000) for 2001.
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The figure represents a move of the company, the world’s largest producer of confectionery ginger, back into the black after it booked a net loss of A$1.6m for FY 2000. Revenue for FY 2001 was up 8.4% to A$30.64m.
MD Gerard O’Brien said that the company has put its internal boardroom struggles behind it, and that it had focused on “the basics” throughout 2001, “as it rebuilt its financial stability”.
Buderim’s incoming chairman John Ruscoe, who ousted David Graham last month, added: “The new board was confident of further improvements in operating performance in the years ahead.”
Ruscoe added a note of caution, however, revealing in a statement to the ASX that the short-term outlook was “constrained” by uncertainty in the competitive US market, where Buderim has recently up-scaled its subsidiary to compete directly, and a significant shortfall in the 2002 ginger harvest, created by the unseasonably dry weather.
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By GlobalDataRuscoe added that the outlook for 2002 was “therefore for flat revenue, with moderate earnings growth based on an improved cost base”.
