RCL Foods swings into a loss as sugar tax bites
Chicken dumping also contributed to woes in the year to end-June, group says
02 September 2019 - 10:00
RCL Foods, which owns Rainbow Chicken and Selati Sugar, said on Monday difficulties in its sugar and chicken business contributed to shaving off R1bn in profits in the year to end-June.
Record levels of chicken dumping and an adverse sales mix due to the imposition of a sugar tax prompted a 55% fall in cash generated by operations during the period, with the group reporting an after-tax loss of R184m, down from the prior period’s profit of almost R878m...
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