Tiger Brands falls after revised profit warning
By Karl Genertzky - Nov 9th 2018, 14:25
JSE-listed food producer Tiger Brands — owner of Enterprise, Mrs Balls and Oros — revised the upper limit of its decline in headline earnings for the year to end-September, but its share price gave up ground anyway.
The group said headline earnings per share (HEPS) was expected to fall by between 25% and 30% during the period, a revision from the 22% to 37% range it forecast earlier in September.
Tiger Brands has cited cost increases due to currency movements, fuel price increases, labour settlements and higher administered costs.
It is also still grappling with the fallout from the listeriosis crisis, which prompted the closure of meat packaging plants countrywide.
At 10.20am on Friday's the group's share price was off 2.53% to R273, having given up 40.23% so far in 2018. The group's results are expected on November 22. Business Live
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