Clover forecasts lower earnings
JSE-listed Clover said on Friday that it expected weaker earnings for the six months to December, as new product innovation investments progressed.
Headline earnings a share for the period under review were expected to be between 29% and 34% lower than the 61.2c recorded during the six months to December 2011.
The group expected earnings a share to fall between 19% and 24% during the first half of the year, from the 60.4c achieved in the first half of the previous year.
However, revenue for the first half rose 11% from the R3.59-billion reported in the corresponding period the year before.
Clover commented in a trading statement that, while it had made major investment into market innovations and launched new products and platforms across the business, performance was also affected by isolated incidents of industrial action, substantial fuel price increases and the undersupply of ultrahigh temperature processed milk.
The group would release its interim results on March 12.
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