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Oceana Group Canned fish unit buoys revenue

November 9 2012 at 08:00am

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Oceana Group, home of the Lucky Star fish brand, yesterday reported a 27 percent jump in revenue to R4.65 billion for the year to September. The firm, owned by Tiger Brands, Brimstone Investment Corporation and Khula Trust, said its canned fish business had performed well with a turnaround in the fishmeal operation. The division was the main contributor to the rise in profit. Operating profit grew 29 percent to R663.1 million, while profit to ordinary shareholders rose 33 percent to R443.8m. Local fishing conditions off the coast were poor during the second half. Catch volumes fell while labour and fuel costs rose, increasing the cost per ton of fish caught, the firm said. Abnormal items consisted of an administrative penalty paid to the Competition Commission (R34.7m) and impairment of the Glenryck trademark in the UK (R13.2 m). Headline earnings a share grew 37 percent to 445.7c. The dividend surged 37 percent to R3.01 a share for the year. Shares gained 1.67 percent to close at R61. – Asha Speckman


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