JOHANNESBURG - Food company Rhodes said on Tuesday its turnover for the six months ended April 1 increased by 16.6 percent to R2.5 billion, with organic growth of 6.9 percent.
Rhodes Food Group, which produces fresh, frozen and long life convenience food across South Africa, sub-Saharan Africa and in major global markets, however said its diluted headline earnings per share fell 38.9 percent to 31.4 cents.
"The group's gross profit margin was lower at 25.3 percent (2017: 27.1 percent) owing mainly to increased costs and the adverse currency impact in the international business," it said. "The regional gross profit margin was impacted negatively by lower margins in the Ma Baker business."
The group's brands include Rhodes, Bull Brand, Magpie, Squish, Bisto, Hinds and Pakco.
It said the acquisitions of Pakco and Ma Baker, which were not included in the comparable prior period, contributed combined turnover of R209 million.