South African poultry processor Astral Foods has booked a sharp drop in full-year earnings.
In the 12 months to the end of September, EPS slumped 26% to 641 cents from 865 cents a year earlier. Headline earnings slid 44% to 443 cents.
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The group ran up an operating loss of ZAR109m (US$10.5m) in its core poultry division, compared to ZAR137m in 2012, was the result of higher feed costs, record poultry imports from Brazil and Europe, and “intense” promotional activity.
As a result, group operating profit fell 43.1% to ZAR272m, with operating profit margin at 3.2%, down from 5.8% in the previous year.
Profit before tax was down 34% to ZAR327m.
Revenues, however, increased by 4% to ZAR8.5bn, contributed to by all three of Astral’s business segments – poultry, feed and services and ventures.
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