South African consumer goods firm Tiger Brands on Tuesday reported a 7% rise in first-half headline earnings and said it expects profit for the full year to rise, but less than previously indicated.
Tiger Brands, whose brands include Albany bread, Jungle Oats and Energade, said its headline earnings per share (EPS) jumped 7% to 668,9 cents from the same period a year ago.
Headline earnings are the main profit gauge in South Africa and strip out certain one-off, financial and non-trading items.
Tiger Brands said turnover from continuing operations declined by 2% to R10,2-billion, compared with the same period last year.
The company said it expects commodity prices and the rand/dollar exchange rate to remain relatively stable, but trading will remain tough with consumer spending under pressure.
Most South African companies sell their commodities in rand but pay for some of the their imports in US dollars.– Reuters