Tiger Brands says FY earnings to fall as much as 30%

9th November 2018

By: Reuters

  

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Tiger Brands expects full year headline earnings per share to fall between 25% and 30% compared with the previous year, the food group said on Friday, sending its shares 3% lower.

In August, the company had forecast headline earnings per share, excluding costs from a disposal of its Haco business in December 2017, of between 22% and 37%.

Headline earnings per share strips out certain once-off items and is the main profit measure used in South Africa.

The company's earnings for the year to the end of September were impacted by a product recall in response to a deadly listeria outbreak in South Africa.

Tiger Brands said headline earnings per share, excluding Haco, were expected at between 539c and 647c per share versus 2 155c a share in the same period last year.

Tiger Brands said in May that a recall of cold meat products in response to a deadly listeria outbreak cost it R365-million ($29-million), which weighed hit its half-year earnings.

Its shares fell 3.11% to 271.38 rand by 0950 GMT.

Edited by Reuters

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