ZAMBIA: Shares plunge in Zambeef on H1 loss
Zambeef eyeing "strategic alliances and partnerships"
Zambian eggs, dairy and poultry processor Zambeef has reported higher half-year losses after being hit by increased competition and the impact of the African swine fever outbreak.
The firm posted a net loss of US$38m for the six months to 31 March, compared with US$3.4m for the same period last year.
Operating profit fell to US$2.7m compared with US$12.7m in 2013.
Revenues were also 9% lower at US$140m.
The firm said it anticipated its "second-half performance will be broadly similar to that in the first half".
However, chairman Dr. Jacob Mwanza was positive about Zambeef's future. "With the operational platform which we have established over the last few years and the demographic drivers for growth in southern Africa, we believe that Zambeef is well placed to become a regional food player. With this goal in mind, we are actively looking at forging strategic alliances and partnerships with global industry players, as well as unlocking value from within the group."
Shares in Zambeef fell 11.11% today (16 June) to 19p per share as GMT11.13.
Click here for the full results.
- Premier Foods CEO expects UK supermarket rebound
- Briefing: The risks and rewards of e-tail in China
- Why Post is increasing its exposure to cereal
- Unilever must "speed" response to consumer trends
- Global factors hold sway over UK milk prices
- Post Holdings strikes deal to acquire MOM Brands
- Crisp maker Sibell acquires Spain's Celigueta
- Up & Go breakfast drinks set for UK launch
- Greencore expands UK, US sales
- Yildiz prepares to list dairy arm AK Gida
- 10 Key Trends in Food, Health and Nutrition 2015
- The Sugar Backlash and its Effects on Global Consumer Markets
- Unilever - Strategy and SWOT Report
- The Future of Retailing in the UK to 2017
- Global Consumer Trend Framework: Understanding Attitudes and Behaviors that Influence Global Consumption Habits