Tiger Brands shares slump on profit fall

Tiger Brands' Jungle Oats.

Tiger Brands' Jungle Oats.

Published Nov 20, 2013

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Johannesburg - Shares of Tiger Brand falls more than 5 percent to 293.11 rand after it disappointed investors with a 4 percent drop in full-year profit as its recently acquired Nigerian business was hit by losses.

Tiger Brands, which makes bread, breakfast cereal and energy drinks, said its Nigerian business, Dangote Flour Mill, suffered a 389 million rand ($38.24 million) operating loss because of bad debts provisions, as well as once-off job cuts. - Reuters

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