COMPANIES: Brimstone and Sea Harvest’s interim results reflect ‘impact of global macroeconomic environment’

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Brimstone’s six-month results to the end of June reveal 24% revenue growth to R2.86-billion, with a marginal 4% drop in operating profit to R279.3-million.

Brimstone’s management largely attributed the decrease in reported profit to a drop of R167.9-million in fair value gains on listed investments, and a decrease of R47.6-million in profits of associates and joint ventures.

The group completed a hugely transformative transaction with the R765-million acquisition of MG Kailis in Australia in May. The purchase includes vessels, licences and fishing rights for prawns in the Exmouth region, and trawled fish in the Pilbara region in Western Australia. Although elective surgery caseloads increased in the period, the contribution to revenue underperformed its budget, given the negative impact on inventory due to global supply chain disruptions.

 

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