With its citrus harvest almost complete, Costa Group says its full year EBITDA-S will be marginally ahead of last year despite citrus results being significantly lower than forecast.
The balance of the portfolio had performed in line with expectations, but persistent adverse weather conditions have impacted the quality of citrus across the category. It has caused lower resulting packouts and volumes of first grade fruit for export, although market demand and pricing in export destinations is still strong.
The company said the weather also meant increased labour costs and higher spraying costs.
Costa Group said it didn’t expect any additional material impact from heavy rainfalls with the caveat unless more extreme adverse weather conditions continued.
The Group made the announcement on 17 October, just days before significant flooding events in Victoria and New South Wales.
