RCL warns of at least 30% slump in headline earnings owing to pandemic
JSE-listed RCL Foods expects its headline earnings per share (HEPS) for the financial year ending June 30 to be at least 30% lower than the HEPS of 37.9c reported for the prior financial year.
The Covid-19 pandemic and the nationwide lockdown implemented by the South African government has had a significant impact on the group’s results, it notes.
The Chicken and Vector operations have been most affected owing to the shutdown of the quick-service restaurant industry.
The lingering impact of the pandemic on consumer demand, as well as the sovereign downgrade earlier in the year, will also necessitate an evaluation of the carrying values of the group’s assets for possible impairments, RCL says.
The group remains well capitalised and is managing liquidity as a priority during the pandemic, it says.
RCL’s financial results for the financial year are expected to be released on or about August 31.
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