Turners & Growers Ltd. revised earnings guidance for the full year ending December 31, 2012. Despite continued challenging domestic market conditions trading has been steady albeit it is marginally behind last year. In line with the IFRS Accounting Standards the Group is currently undertaking a full revaluation of its assets, and early indications are that there will be write-downs, particularly of orchard properties and biological assets.

As a result the after-tax loss is forecasted to be between $16.0 million to $19.0 million. The company said that the write-downs do not impact the cash position of the Group.