South African consumer goods firm Tiger Brands reported an 8% rise in first-half headline earnings per share (EPS) from continuing operations and predicted modest growth in full-year earnings.
The company said headline EPS edged up to 607,1 cents in the six months to end March, adding profit would have been higher without costs related to a failed R8-billion attempt to buy rival AVI.
The company had forecast a 5% to 9% rise in headline EPS from continuing operations, which excludes a fishing unit it is selling and its unbundled healthcare business Adcock Ingram.
Tiger Brands said in November it wanted to buy AVI to help it expand in Africa and to round out its consumer goods portfolio. But it scrapped the takeover attempt in March citing the slide in equity markets and opposition by AVI management.
Headline EPS is the main profit gauge in South Africa and strips out certain one-off, financial and non-trading items. — Reuters