Astral Foods share rises after trading statement predicts doubled earnings
By Robert Laing - Oct 16th 2017, 13:10
Poultry producer Astral Foods expects to report doubled earnings thanks to higher prices and no further bird flu outbreaks.
Astral’s share price rose 4.5% to R182.50 after it issued a trading statement on Monday saying it expected to report on November 20 that its headline earnings per share (HEPS) for the year to end-September would be about twice the previous year’s R9.65.
Astral said it was raising its previous forecast issued on September 20, which said HEPS would grow more than 65%, thanks to "the fact that no further losses were incurred as a result of the outbreak of avian influenza for the remainder of the 2017 financial year".
"The all-around trading results for the month of September were also significantly better than expected at the time of the trading update published," Astral said.
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