Fin24

Oceana sails on earnings report

2012-11-09 09:54

Johannesburg – Shares in fishing group Oceana [JSE:OCE] opened up 1.67% at R61 in early trade on Friday after the group reported late on Thursday that it lifted its diluted headline earnings per share in the year to September by 34% to 419.8 cents from the prior comparable period.

Operating profit before abnormal items increased by 39% to R711.025m. The company said improved results were achieved by each of the business segments on the back of 27% higher turnover.

“The canned fish business performed particularly well and‚ together with the turnaround in the fishmeal operation‚ was the main contributor to the rise in profit.”

Abnormal items consisted of the administrative penalty paid to the Competition Commission and impairment of the Glenryck trademark in the United Kingdom.

A final dividend of 256c per share was declared which‚ together with the interim dividend of 45c‚ brings the total dividend for the year to 301c per share‚ an increase of 37% on the 2011 total dividend of 220c.

Looking ahead‚ Oceana said it was well positioned to take advantage of opportunities for further organic and acquisitive growth.