Astral Foods’ profits hit by high feed costs, drought
JOHANNESBURG – South Africa’s Astral Foods Limited said on Monday its full-year profits plunged by 55% after higher feed costs hit its poultry division, a decline it first warned about in October.
The company, a poultry producer which also makes animal feed, said headline earnings per share (HEPS) for the full year ended Sept. 30 stood at 16.59 rand, a 55% fall from the 36.91 rand reported a year earlier.
Astral Foods had already flagged that it expected a drop of between 50% and 60% in HEPS, the main profit measure in South Africa, in a profit warning.
Source: iol.co.za