BUSINESS DAY TV: Poultry brands don’t play a big role when there is oversupply
Astral CEO Chris Schutte speaks to Business Day TV about interim results from the poultry group and challenges facing the industry.
Chris Schutte is Astral CEO. BUSINESS DAY TV: Astral Foods has reported a significant decrease in profitability for the six months ended March. A decrease in both feed and poultry sales volumes under extremely difficult market conditions saw revenue dip 1% while high feed prices resulted in operating profit falling 51% and headline earnings per share coming in 54% weaker. CEO Chris Schutte joins me now in the News Leader studio. Chris … so as highlighted, headline earnings per share down 54% over the interim period. It’s less of a loss than had been anticipated in February where you cautioned against a 75% decrease. So what do we read into this? Is this reflective of an improving economic environment, or more so a case of Astral getting a better handle on things? CHRIS SCHUTTE: Yes … probably a bit of both. When we look at the market or the consumer I don’t believe that’s going to change for the better any time soon. With the unemployment rate of 27% and I don’t see any long-term fo...
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