Astral flags profit plunge as power crisis hits poultry production - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 25/1/2023 12:12:00
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Astral Foods expects a 90% plunge in mid-year profit, the poultry processor said on Wednesday, citing rolling power cuts in South Africa that have hit production and hiked costs.

One of the largest poultry firms, Astral processes nearly six million chickens per week and accounts for about a quarter of the country’s broiler meat production.

It expects headline earnings per share – the main profit measure in South Africa – to drop to R1.42 in the six months to March 2023, from R14.20 during the same period a year earlier. Ageing coal-fired power stations, corrupt coal procurement deals and criminal sabotage have impacted utility Eskom’s capacity to supply adequate electricity to South African businesses and households, which are having to go for as long as 10 hours without power.

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Astral Foods warns of big drop in headline earnings as power cuts wreak havocThe price of producing a chicken currently exceeds the selling price by R2/kg, the poultry group said
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