The share price of Sea Harvest, the commercial fishing company majority owned by empowerment group Brimstone Investments, slumped after it flagged a drop in earnings, despite firm demand for its products locally and internationally.
The group’s share price fell 6.1% to R10.38 in afternoon trade on Tuesday after it told shareholders in a trading statement to expect a drop in earnings for the year to end-December. Sea Harvest said earnings before interest and tax were likely to be R490m-R510m, equating to a drop of 24%-27% from the previous financial year’s R670m. ..
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