Vancouver-based Village Farms Income Fund (TSX:VFF.UN) reported a 3% decline in revenue and a net loss for its second quarter ending June 30, 2009.
Revenue fell to US$42.8 million from US$44.1 million in 2008's second quarter due to lower prices for its greenhouse-grown produce.
A 16% decline in the value of the Canadian dollar in 2009 versus the U.S. dollar a year ago was partly blamed.
Lower consumer consumption and increased competition from hydroponically grown vegetables from Mexico and Holland were also the key contributors to lower prices in the second quarter. Village Farms reported a 13% decrease in tomato prices and a 34% decline in pepper prices in the second quarter compared to prices in the same period a year ago.
Overall lower prices pushed Village Farms into the red, with the company reporting a net loss of $374,000 compared with a net profit of $4.1 million.
Village Farm's unit price range during the past week: between $0.52 and $0.66; 52-week high: $2.68; 52-week low: $0.51.