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Astral Foods diluted earnings up 308% to 386c

Poultry producer Astral Foods reported a 308% jump in diluted headline earnings per share to 386c for the six months to March‚ but the strong results come off a low base compared with the prior interim period.

20 May 2014

Astral Foods has increased its earnings by 308% and its dividend to 200 cents a share. Image: Master Isolated Images Free Digital Photos

Astral said the increase in headline earnings‚ from R35.9m for the previous year's first six months to R148.8m‚ was attributable to the turnaround in the profitability of the poultry division.

Revenue was up by 11% to R4.7bn‚ contributed to by a 12% increase in poultry revenue and a 6% increase in feed's external revenue.

The board declared an interim dividend of 200c per share‚ supported by the low debt-to-equity level and the underlying liquidity capabilities of the group".

Astral said industry-wide margins would remain under pressure‚ though there will be a good maize crop in South Africa with an expected softening in grain prices in the coming six months off the highs of the past reporting period. This would benefit feed prices and broiler production costs.

"If the South African Poultry Association's application to the International Trade Administration Commission for anti-dumping duties against the European Union is successful‚ this will go some way to improving the imbalance in the supply and demand for chicken," the company said.

Source: I-Net Bridge

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