Astral Foods expects an increase in profits (File Image: IOL)

CAPE TOWN - Southern African integrated poultry producer Astral Foods expects an increase in profits of more than 80% for the year to September.

The company’s shares rose more than 6percent to R185.73 at around 2pm yesterday in reaction to this announcement. The company - whose key activities include manufacturing of animal feeds, broiler genetics, production and sale of day-old chicks - said yesterday that “headline earnings a share for the year ended September 30 will reflect an increase of between 80percent (772cents a share) and 100percent (965c a share) compared to the previous comparable period”. 

This implies that headline earnings a share are expected to be between 1737c and 1930c a share compared with 965c a share last year. Meanwhile, earnings a share for the year to September would reflect an increase of between 85percent and 105percent compared with the previous comparable period. Astral Foods shares rose 6.62percent on the JSE yesterday to close at R186.25. 

- BUSINESS REPORT