Rhodes Food falls 4.5% after earnings warning
By Robert Laing - Oct 30th 2017, 17:15
The share price of Rhodes Food fell 4.5% to R19 on Monday morning after it warned that earnings had fallen by up to 30%.
The group said it expected to report, on November 21, a decline in basic and headline earnings per share for the year to end-October of between 25% and 30%.
Rhodes said it grew overall sales by 10.8% from the prior year even though export sales declined 18.1% due to the rand strengthening by about 10% against the currencies in the countries it sells to.
Canned fruit export volumes recovered in the second half of the year but were marginally down year on year. Sales suffered in the first half due to drought in the Western Cape pushing up fruit prices.
Industrial sales of pulp and purée products slowed significantly in the second half of the year due to a major decline in global pricing and reduced demand in key international markets, the trading statement said.
"Shareholders are advised that the performance of the international business has had a significant adverse effect on the group’s profitability," Rhodes said.
In its local market, Rhodes grew turnover by 21.4%, with organic growth of 12.7%. Its acquisitions of Pakco and Ma Baker "have settled well".© BusinessLIVE MMXVII
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