Poultry producer Astral Foods says it expects its earnings for the first half of its financial year to be decimated by ongoing disruptions caused by load shedding, warning shareholders to expect headline earnings to drop by no more than 90%.
“Considering the prevailing market conditions, Astral has reasonable certainty that earnings per share and headline earnings per share for the six months ending 31 March 2023, are expected to decrease by no more than 90%, being 142.0 cents each, compared to the six months ended 31 March 2022 .” “The Poultry division has experienced severe operational disruptions through 1Q2023 due to Eskom load shedding. This has continued and led to abnormal additional costs as well as substantial production cutbacks of at least 12 million broiler placements for the 1H2023.”
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