Quantum Foods earnings tumble almost 80% as input costs, avian flu bite

  • 📰 Moneyweb
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 77%

Business News News

Business Business Latest News,Business Business Headlines

Chicken and egg producer QuantumFoods reported that headline earnings fell over 70%, after a year of steep input costs, avian flu outbreaks and rising energy costs. Moneyweb QuantumFoodsEarnings NtandoThukwana

Chicken and egg producer Quantum Foods reported that headline earnings fell over 70%, after a year of steep input costs, avian flu outbreaks and rising energy costs. On Friday the animal feeds and broiler chicken company said headline earnings per share crashed 78% to 12 cents per share in its 2022 financial year to end-September. Headline earnings fell 73% to R28 million, compared with R102 million in the prior period.

“Insurance for the HPAI outbreak on the Lemoenkloof Farm was limited to the risk associated with direct losses resulting from the culling of infected flocks and did not cover the further effect of lost production and lower sales volumes experienced,” said Quantum Foods. Its eggs business was also hit by reduced selling prices for eggs and reported lower margins on the back of a weak consumer environment. It also had lower demand for layer stock, the company said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

COMPANY RESULTS: Naspers pumps money into ecommerce — but Takealot takes a pummellingNaspers CEO Bob van Dijk says the group will remain committed to its ecommerce portfolio — and especially Tencent — for a long time to come. How many billions did van dijk award himself this year
Source: dailymaverick - 🏆 3. / 84 Read more »

No patrol vehicles for JMPD, says fleet management companyNo patrol vehicles for JMPD, says fleet management company: Afrirent vehicles operating in 12 City of Johannesburg user departments and entities are grounded. Why has the ANC together with its minority friends prioritized votes of no confidence yet say nothing about passing this motion?.
Source: SABreakingNews - 🏆 41. / 51 Read more »

SA company to produce oral cholera vaccine as WHO warns of ‘unprecedented’ outbreaksThe production of raw materials is largely the missing step in the jab-manufacturing value chain across Africa.
Source: SundayTimesZA - 🏆 47. / 51 Read more »

No patrol vehicles for JMPD, says fleet management companyAfrirent vehicles operating in 12 City of Johannesburg user departments and entities are grounded.
Source: SowetanLIVE - 🏆 13. / 63 Read more »