Sovereign Food Investments, the South Africa-based poultry processor, has forecast it will post a loss for the year to the end of February.
The company expects a loss per share and headline loss per share of between 42 cents and 54 cents. The results would compare to 108.3 cents per share and headline earnings per share of 108.4 cents a year ago.
Go deeper with GlobalData
Sovereign Food Investments said the results include one-off costs from defending itself from last year’s takeover bid from fellow South African poultry group Country Bird Holdings. The company said those costs amounted to 41.2 cents per share. It is set to publish its annual results on 12 May.
In November, Sovereign Food Investments booked a headline first-half loss of ZAR36.5m (US$2.7m) for the six months to the end of August despite a 31% jump in revenue. As well as the cost of rebuffing the Country Bird Holdings interest, Sovereign Food Investments then pointed to a 15% rise in feed costs due to the higher prices of maize and soya beans.
That month, South Africa’s government ruled Country Bird Holdings’ bid had contravened regulations, a ruling that means the offer had lapsed.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
