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Economic Conditions Hit Astral's Revenue

by 5m Editor
18 May 2010, at 8:54a.m.

SOUTH AFRICA - For the first half-year, Astral Foods reports revenue down by four per cent as the result of a fall in consumer spending but operating profit was up.

According to its latest financial report, Astral Foods' revenue fell four per cent for the half-year although operating profit rose by nine per cent.

Earnings per share increase 17 per cent to ZAR4.86, and headline earnings per share was up by 20 per cent. The interim dividend increased 12 per cent to 290 cents per share.

Depressed consumer spending hit listed poultry producer Astral Foods during the six months to March as revenue declined to 4.3 billion rand (ZAR), according to Business Report.

However, the company was looking forward to the benefits of lower input costs in its second half.

Astral's chief executive, Chris Schutte, reported a 16 per cent increase in profit to ZAR189 million for the period and said the improvement in profitability could be attributed to increased profits from the feed division and lower finance costs.

Further Reading

- You can view the full report by clicking here.