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Afgri warns of profit drop

March 6 2013 at 08:00am

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Afgri expected earnings a share and headline earnings a share for the six months to last December to be between 12 percent and 18 percent lower than the previous comparable interim period, the agricultural company said yesterday. The results were overshadowed by a challenging environment in its food segments, characterised by input cost inflation and a fall in consumer demand on the back of significant poultry imports into the local economy as well as a margin squeeze in the retail business unit, the group said. Afgri will release interim results next week. Afgri stock closed unchanged at R5.50 on the JSE yesterday. – Nompumelelo Magwaza


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