Rhodes Food expecting profits to fall as drought, exports dip hit

SOUTH AFRICA – Rhodes Food fell more than 3.5% in early trade yesterday after the group announced that it expected profits for the year ended October to decrease by up to 22% as the Western Cape drought and international business weighed on the bottom line. The company said the drought had pushed up canned fruit costs and impacted negatively on its export volumes  while its international units underperformed due as a result of the rand strength during. The Western Cape-based food producer owns brands such as Rhodes, Bull Brand, Magpie and…

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