Costa Group rebounds
Costa Group has reaped the benefits of the past year’s seasonal turnaround on many of its horticultural farms, reporting a $58 million net profit after tax for 2020
Favourable market conditions for its citrus, berry and avocado crops have helped with revenue up 11.2 per cent to $1.16 billion.
On a pre-tax basis, Costa Group returned to the black, with a profit of $67.5m, compared with a $34.4m loss the previous year.
It also announced a dividend of five cents a share.
Costa is looking at expanding its citrus and avocado plantings on new land in 2021, potentially acquiring about 700 hectares in northern Victoria’s Sunraysia and building a large-scale citrus packing site in Mildura, in addition to farmland already ready…