Fruit and vegetable logistics company Scales Corp says it will boost its cold store network capacity by 16% with construction beginning onsite at a South Auckland inter-modal freight hub.
The company is New Zealand’s largest apple exporter, and also owns businesses across the primary sector including, sea and air freight services, cold store operations, and food ingredients, including pet foods and juice concentrate businesses.
Its new 8,700 square metre Polarcold plant will be constructed at the Ports of Auckland inter-modal freight hub in South Auckland.
Fonterra Cooperative Group has already signed on to use half of the space, which is expected to be complete in the third quarter of next year.
Last year Scales Corp lifted its profit 50% to $20.4 million on the back of rising Asian demand for apples, and according to BusinessDesk, it says annual earnings in 2014 may beat guidance in its prospectus.
According to its June prospectus, the Christchurch-based company expects an annual profit of $15.9 million in 2014 and it forecast a dividend of between 9.4 cents per share and 9.6 cents per share.
In announcing its interim dividend of three cents a share, Scales says “it remains on track to meet, if not slightly exceed, its 2014 forecast profit.”
