SOUTH African diversified industrial firm Anglovaal Industries Ltd (AVI) unveiled a 25% rise in full-year earnings on Wednesday, and said it expected continued growth. Headline earnings per share which strips out exceptional items and their tax effects rose 24,9% to 99,4 cents in the year to June 30, 2001, versus the previous 79,6 cents and the forecast of 96 cents. ”Taking account of current market conditions, including the existing level of hake quota … together with the impact of the share-buyback programme, will result in continued growth in earnings per share,” the company said in a statement. The South African government sets quotas for the amount of hake that can be extracted from the country’s fishing waters. AVI said it was awarding a dividend of 38 cents per share, versus 30 cents a year ago. The group lifted its turnover by eight percent to R5,1-billion from R4,7-billion, as a result of acquisitions and stronger international seafood sales within the Branded Consumer Goods segment. Market and pack share gains in Packaging also helped boost turnover, AVI said. – Reuters
Tuesday August 28, 2001