Food producer Tiger Brands' share price on the JSE fell on Tuesday morning as it warned of an up to 15% year-on-year decrease in headline earning per share (HEPS) for the financial year ended September 30.
The JSE-listed company said HEPS from continuing operations would likely be between 5% and 15% lower than the HEPS of R11.96 reported for the 2020 financial year, mainly as a result of one-off costs incurred as a result of the civil unrest in July and the recall of certain canned vegetable products.
"The write-off of assets plus stock losses related to the civil unrest amounted to about R100-million, while the adverse financial impact of the recall totalled R647-million.
"The after-tax impact of the stock losses, together with the impact of the recall, is estimated to be in the region of R3.18 a share," the company noted in a trading statement.
Its share price fell by 5.6% on Tuesday, but was trading down 2.88% at about 11:50.