Pioneer Foods earnings soar 47% as inflation curtails growth

SOUTH AFRICA – The South African packaged goods company, Pioneer Foods has reported that earnings per share increased 47% to 575c from 390c in 2017 even the company struggled to contain inflationary pressure driven by increased international oil prices and weak currency. Profits in the year to end September was boosted by the recovery of…

Oceana fishing revenue grows 14% to US$549m as Daybrook operations pay

SOUTH AFRICA – Fishing group Oceana has more than tripled after-tax profits in the year to End-September, with revenues jumping 14% to US$549.11 million during the period. Total income for the year grew to US$78.41 million from US$23.87 million the year before while revenues from the group’s African operations increased 11%. The year was helped…

GrainCorp profit falls 50% under prolonged drought in the eastern grain belt

AUSTRALIA -  Australia’s largest grain handler, GrainCorp has said annual net profit fell 50% to US$51.37 million as a result of dry conditions that hit production in eastern Australia during the last cropping season. The company reported continued positive performance from the Malt business and strong contributions from Bulk Liquid Terminals and Grains’ international grain…

Astral Foods profit soars 78.7% on lower chicken feed costs in 2018

SOUTH AFRICA – South Africa’s leading integrated poultry producer Astral has reported 78.7% increase in group operating profit to US$134.99 million, resulting in an operating profit margin of 15%, ANA reports. According to the company, the year was supported by lower feed raw material costs, higher poultry selling prices as well as higher volumes across…

Olam International earnings fall 14.2% as coffee and peanuts disappoint

SINGAPORE – Global International company, Olam International earnings declined 14.2% to US$15.05 million (S$20.7 million) in the third quarter on tough trading conditions in coffee, and lower performance from peanut business. During the period, revenue declined by 4.2% in the edible nuts, spices and vegetable ingredients (SVI) segment, hurt by lower peanut sales. Profit in…

Coca-Cola HBC revenue rises 2.6% with strong growth in developing markets

SWITZERLAND – Coca-Cola HBC, the world’s second-largest Coca-Cola anchor bottler in terms of volume has said revenue in the third quarter of 2018 increased by 2.6% to US$2.11 billion driven by strong volume growth. Volume grew 4.2% in the third quarter and by 4.4% in the nine months across its geographic segments, with the strongest growth…

Sugar processor Tongaat’s profit tumbles 64% hurt by unconcluded land deals

SOUTH AFRICA - Tongaat Hulett, the South African agri-processing business focused on sugarcane and maize processing has posted a 64% decline in operating profit to US$36.86 million in its financial year, reports IOL Business. Compared to last year when operating profit clicked US$102.2 million, the decline in the period was attributed to land transactions that…

Ferrero India slips into losses as profit in the year 2018 decline 17%

INDIA -  Kinder Joy chocolate maker Ferrero India has posted a 17% decline in profit with a net loss of US$12.26 million during the year ended March 2018. According to Economic Times report, this is the worst performance reported by the Italian manufacturer of branded chocolate and confectionery since it entered the Indian market a…

Tate & Lyle half-year sales decrease 1% as costs squeeze margins

UK – The British agribusiness firm, Tate & Lyle has reported 1% decrease in sales to US$1.81 billion in the half-year period, as results continue to be impacted by rising costs of doing business. The company however said it performed according to expectations, having delivered growth in adjusted profit before tax and strong cash flow…

Tiger Brands expects 30% decline in full year earnings with recovery from listeriosis

SOUTH AFRICA – Tiger Brands has revised its profit warning and now expects headline earnings per share to fall by between 25% and 30% as the company struggles to recover from the listeriosis tussle, reports Business Day. This is a revision from the 22% to 37% range it had earlier forecast for the year to…