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Consumer spending still slow: Tiger Brands
Releasing a trading update in the four months to 31 December 2011, the consumer group said on Tuesday, 14 February 2012, that net sales increased due to improved price realisations, thereby minimising the impact of the volume declines on operating margins.
"The results for 2012 are expected to benefit from the acquisitions concluded in the second half of the previous financial year and the relative consumer buoyancy within the rest of the African continent," the company said.
For the year to date, the weaker rand exchange rate also had a positive impact on the export businesses.
The acquisition of the Status brand became effective on 1 November 2011, and the group increased its shareholding in Langeberg and Ashton Foods to 100%.
"Despite the difficult trading conditions, headline earnings per share is expected to show satisfactory growth for the year ending 30 September 2012 as compared to the 2011 reported earnings," it said.
Source: I-Net Bridge
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