Johannesburg - Tiger Brands, South Africa’s largest food producer, said in a trading update yesterday that it expected to report solid interim operating results, despite the significant cost push resulting from rand weakness and the effects of the drought on soft commodity prices, particularly within the grains division.
It forecasts a 9 percent increase in turnover and a 7 percent increase in operating income from continuing operations.
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Earnings per share were expected to be between 1 023 cents and 1 065c, or between 23 percent and 28 percent, higher than the 832c reported for the comparative period.
The company will release its results for the six months to end March on May 24.
Headline earnings per share was expected to be between 960c and 1 002c, or between 12.5 percent and 17.5 percent, higher than the 853c reported for the comparative period.
Tiger Brands shares were down 2.87 percent yesterday to close at R342.03 on the JSE.
BUSINESS REPORT