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Oceana profits increase

May 11 2012 at 05:20pm

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CorporateBusiness

Fishing group Oceana on Friday posted a 19% rise in diluted headline earnings per share to 155.6 cents in the six months to March 2012, from the same period a year ago.

Revenue was up 21% to R2.132 billion, while operating profit before abnormal items increased 41% to R299.8 million from the previous period.

Abnormal items included the R34.750 million regarding an administrative penalty agreed with the Competition Commission following a number of price fixing and market allocation contraventions within the pelagic fish industry.

An interim dividend of 45 cents per share was declared, up 22% from the previous comparable period.

Looking ahead, the group said it was well positioned to take advantage of opportunities for organic and acquisitive growth.

Oceana said earnings for the full year were expected to exceed those of last year. - I-Net Bridge


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