Astral Foods’ earnings to be lower, but still better than expected
Astral Foods’ headline earnings per share (HEPS) for the six months ending March 31 will be between 50% and 60% lower than that for the previous comparable half-year, but better than the group expected in an earlier trading statement. HEPS are expected to be between 310c and 387c compared with 774c from the comparable period — a decrease of between 387c and 464c. The group said in February that its HEPS were expected to be not more than 75% lower. In a revised trading update on Monday, Astral said the improvement on the previous estimate was the result of planned poultry production cutbacks during the second quarter in order to avoid prolonged overstocked conditions, as well due to the adjustment in selling prices to offset the effect of the newly legislated brining levels of individually quick-frozen products. At 3.55pm, Astral’s share price had risen 1.11% to R158.64 per share.
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