Clover set to return to profit in year to June
The prior year’s loss came after the company wrote off a loan to its then recently unbundled subsidiary, Dairy Farmers of SA
Clover, which makes dairy-based foods and beverages, says it will return to profit in the year ending June 2019 after making its first annual loss in more than a decade in the prior year. The group’s share price fell 0.92% to R22.65 on Friday, a one-month low, despite the possibility of delisting from the JSE before it releases its results. Its shareholders have accepted a buyout offer of R25 per share from a consortium led by Tel Aviv-based Central Bottling Company, but the withdrawal by consortium member Brimstone Investments has delayed proceedings. Clover said on Friday it is expected to report headline earnings per share of 203.6c for the year to end-June after recording a headline loss per share of 23.1c in the prior comparative period. The prior year’s loss came after the company wrote off a loan to its then recently unbundled subsidiary, Dairy Farmers of SA. That unbundling forms part of Clover’s bid to branch out into higher-margin consumer goods, such as olive oil and b...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.