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Astral shareholders get more

Johannesburg - Commodity food business Astral Foods [JSE:ARL] on Monday reported diluted headline earnings per share of 486c for the six months ended March 2010, from 405c previously.

The group recorded diluted earnings per share of 487c from 416c earlier. 

Revenue declined 4% to R4.28bn on the back of lower agricultural input costs and lower poultry realisations.

Operating profit at R304m was 9% higher than the previous year and profit for the period increased by 16% to R189m.

The board declared an increased interim dividend of 290c per share, from 260c per share previously.

Astral said the improvement in profitability was due to  increased profits from its feed division and lower finance costs.

Continued strain on consumer spending put downward pressure on poultry selling prices and together with the impact of the industrial action at the Standerton abattoir, resulted in poultry profits marginally below the same period last year.

Looking ahead, Astral said: "Continued favourable grain and agricultural commodity prices are expected to benefit chicken production costs throughout the second half of the year.

"The extent to which this can translate to improved earnings will depend on the domestic poultry supply and demand balance, currently still negatively impacted by depressed consumer demand and relatively high import levels."

 - I-Net Bridge
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