Costa Group (CGC) asks the Albanian government to help the crushed avocado industry

said the chief executive Sydney’s morning herald Y Age that several years of talks with the departments of commerce and agriculture had stalled in “limbo”, accusing the two departments of being “trapped in their own internal bureaucracies” to the point that Costa had to organize his own trade delegation to Japan for later this year.


“Each one of them [is] running their own race on all kinds of issues, but then they’re not coming together, which is what’s required — the whole government approach to get this deal done,” Hallahan said.

“The last government did nothing and so far this government has done nothing.”

“Sadly, this is an opportunity that, due to lack of urgent action, continues to beg.”

The federal government has been contacted for comment.

Costa’s avocado business was also not profitable last year. In 2021, revenue fell 21.7%, after which Hallahan encouraged Australians to “go out and tell your friends to… order some mashed avocado for breakfast.”

Overall, Costa’s group posted a 10.8% rise in underlying net profit after tax to $49.2 million, while total revenue rose 15.7% to $708.7 million on comparison with the first half of 2021.

The growth was primarily driven by an international footprint that has grown 768% since 2015, with China revenue up 34.3% compared to the previous corresponding period.

The ASX company expects avocado industry conditions to remain difficult for the remainder of 2022, although avocado prices are expected to rise somewhat.

Costa’s share price closed Friday’s trading session up 1.8 percent at $2.79, with UBS analysts describing Costa’s results as “in line with recent guidance.”

The Business Briefing newsletter offers important news, exclusive coverage and expert opinions. Sign up to get it every weekday morning.

Be the first to comment

Leave a Reply

Your email address will not be published.