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Johannesburg - South Africa's AVI Ltd on Monday reported a 10% rise in annual headline earnings per share from continuing operations and said demand in the first half of its new financial year would be muted.
Consumer goods firm AVI - which fended off a takeover approach from larger rival Tiger Brands earlier this year - said headline EPS for the year to end-June for its continuing operations rose 10% to 175c.
Revenue from continuing operations rose 12% to R7.5bn in the same period.
"Despite lower interest rates we believe that it is likely that consumer demand will remain muted in the first half of the new financial year, but would hope to see some improvement in the second half," it said in a statement.
The company said its wholly-owned subsidiary of Irvin and Johnson Holding Company, which is geared to export volumes, international prices and foreign exchange rates, may not deliver the same level of profit in the year ahead if current exchange rates and export market demand persists.
AVI said it would compete for market share and sustain its growth ambition in the current climate on the back of lower commodity costs and its own cost savings.
- Reuters