Shoppers walk past a Spitz shoe shop in Sandton City, Johannesburg. Picture: BUSINESS DAY/ARNOLD PRONTO
AVI, the producer of brands such as Five Roses tea, said its operating profit for the six months to December 2019 was marginally higher than in the comparable period in 2018 on the back of consolidated gross profit margin being “well protected” and costs “carefully managed”. Cash flows remained strong through the period, it said, though net finance costs were higher than 2019 due to higher average borrowing levels.
AVI also cited significant load-shedding in early December as contributing to a challenging month, particularly for its retail brands.
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