RCL Foods, formerly known as Rainbow Chicken, has seen full-year earnings plummet despite a jump in sales as weaker margins hit the bottom line.

In a regulatory filing, the South African poultry group said headline earnings sank to ZAR18m (US$1.7m) in the year to 30 June, down from ZAR267m in 2012. Operating profit fell to ZAR166m, down from ZAR414m last year.

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The operating result was hit by higher amortisation and depreciation as well as increased costs – particularly related to higher feed prices.

Sales, however, surged 28.7%, climbing to ZAR10bn, boosted by the acquisition of FoodCorp.

The company said it is committed to becoming a diversified food business “of scale” in sub-Saharan Africa.

Click here for the full earnings statement from the company.

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