Fonterra revises milk price forecast with revenues falling 4% in Q1

NEW ZEALAND – The New Zealand dairy giant, Fonterra’s revenue decreased by 4% to US$2.60 billion (NZ$3.8 billion) in the first quarter and has revised its 2018/19 forecast Farmgate Milk Price range to US$4.12 – US$4.32 per kgMS. The revision in the forecast milk price range was attributed to the global milk supply remaining stronger…

South Africa’s Kaap Agri revenue rises 8% as wheat business pays

  SOUTH AFRICA – South Africa’s agricultural retailing and service company, Kaap Agri has recorded an 8% increase in revenues to US$477 million arising from a remarkable increase in its important wheat business, reports Business Day. In the year to end September, the company said wheat seed sales had recorded a 40% increase resulting in…

Starbuck’s Taste Holdings revenue falls 3% to US$34m in the half year

SOUTH AFRICA - Taste Holding, the South African operator of Starbucks has incurred an operating loss of US$6.37 million and revenue dropped 3% to US$34.33 million for the half-year to End-August, impacted by strained consumer spending, reports Business Day. The company’s said operating losses and reduction in revenue will force it to restructure its investment…

Hindustan Coca-Cola posts 4% decline in revenues as it focuses on investments

INDIA – Hindustan Coca-Cola Beverages (HCCB), the bottling partner of Coca-Cola India has said that revenues for the year ended March 2018 fell 4% to US$1.28 billion as it embarks on investments for strong, stable growth. During the period, operating revenue increased 7% while it gained 2.3% share in sparkling beverages compared to the previous…

Tiger Brands revenue declines 9% hurt by listeria crisis and a weak economy

SOUTH AFRICA – Tiger Brands, South Africa’s biggest traded packaged-food company has posted 9% decline in revenue to US$2.06 billion as it struggles to recover from listeria outbreak and a weak consumer spending. According to Moneyweb, operating income in the year ended September fell 28% to US$239.56 million while headline earnings per share (HEPS) shed…

Campbell Soup posts 25% rise in sales in Q1 boosted by acquisitions

USA – Campbell Soup reported US$2.69 million in net sales, a 25% increase in the first quarter ended Oct. 28, highlighting the benefit from the acquisitions of Snyder’s-Lance Inc. and Pacific Foods of Oregon. Net earnings were down 29% at US$194 million, from US$275 million, in the previous year’s first quarter while organic sales declined…

Rhodes Food profit drops 34.3% impacted by lower sales in a slow economy

SOUTH AFRICA – The JSE-listed food company, Rhodes Food has said that profit after tax for the year ended 30 September declined 34.3% to US$10.95 million as a result of a slowing economic environment that heavily impacted sales. Headline earnings for the period under review also decreased by 32.9% to US$11.29 million, adversely affected by…

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…