Tiger Brands lost R365 million after listeriosis and counting
JOHANNESBURG - Food company Tiger Brands said on Thursday its revenue declined four percent to R15.7 billion in the six months to March 31.
The company, which had to recall processed meat products at its Value Added Meat Products (VAMP) facilities earlier this year after they were linked to a listeriosis outbreak, said headline earnings per share were down 16 percent to 868 cents.
It said the VAMP recall and related costs amounted to R365 million net of initial insurance claims.
"The detection of the presence of Listeria ST6 in our factory in Polokwane was disappointing to us given our compliance with best practices and prevailing standards," The company said, adding that it was engaging with relevant government departments, regulators and all other stakeholders on the issue.
"Tiger Brands remains resolute in addressing the social and reputational consequences of the listeriosis outbreak. The board and management are deeply saddened that people have fallen ill and that some have lost their lives as a result of listeriosis."
Tiger Brands in March recalled all products from its Enterprise facilities in Polokwane, Pretoria and Germiston after the health minister said products from the Polokwane plant had been linked to an outbreak of listeriosis which had killed 180 people.
- African News Agency