Ububele profits down
IOL Business - Sep 16th 2011, 12:34
Ububele Holdings on Thursday posted a drop in headline earnings per share from continuing operations to 4.75 cents in the year ended June, from 8.30 cents previously.
The agricultural and food processing company said revenue from continuing operations increased by 14% to R547.1 million while operating profit increased by 70% to R26.8 million, taking the operating margin to 4.9% from 3.3%.
The Agri division revenue grew 15% and profit after tax by 8.3%, while selling prices in the agricultural division were under pressure during the year, offset by an increase of 16% in sales volumes.
The food division had an average price increase of 8%, but large-scale theft and further loss of income due to uncompetitive pricing led to a 9% decrease in turnover in Just Fruit & Veg.
“Large scale syndicated theft was discovered in the wholesale section at Just Fruit and Veg and a forensic audit was conducted to determine quantum and guilty parties. Analysis revealed that this section was no longer profitable after an estimated loss of R2.4 million over the period March to May was recorded,” it said.'
Looking ahead, Ububele said current low levels of stock in maize, wheat and sunflower should continue to keep the selling prices of these commodities at high levels until at least February 2013. This means higher income for the farmer, bigger sales volumes and a decreased risk of bad debts for Ububele's Agri division.
The food industry was expected to remain under pressure, as high levels of household debt remain a restraining factor to household consumption.
“Our ice cream business, however, is expected to counter this trend by increased sales of lower priced ranges, a trend that was already witnessed during the current financial year,” it said. “The initial indications are that our Namibian-based operations will continue to grow during the next financial period due to increased air traffic activity at Hosea Kutako International Airport, Windhoek. - I-Net Bridge
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