Astral Foods today (14 November) posted a 32% drop in full-year operating profit, which fell to ZAR548m (US$52.5m), as margins were squeezed by higher costs and lower prices.
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However, revenue during the year rose 29% to ZAR8.18bn, the South African food and agriculture group said in a statement.
Revenues at Astral’s poultry unit increased 16% to ZAR5.1bn although higher costs hit both margins and segment operating profit, which plunged 66% to ZAR163m.
Astral’s animal nutrition unit saw revenues up 46% to ZAR5.13bn and operating profit increased 16% to ZAR385m.
Looking to fiscal 2009, Astral said that it expected to deliver improved earnings.
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By GlobalData“Due to the global economic crisis together with forecast normal summer weather season, prices of agricultural commodities have already eased. This, together with lower imports of poultry products, should result in improved earnings for next year,” the company said in its earnings statement.
