October 16, 2017 / 11:17 AM / in a month

South Africa's Astral Foods sees jump in full-year profit

JOHANNESBURG (Reuters) - South African poultry producer Astral Foods said on Monday it expected to report a rise in full-year profit of at least 80 percent after no further losses were incurred due to avian flu and better than expected September results.

Astral expects headline earnings per share (HEPS) of between 1,737 and 1,930 cents for the year ended Sept. 30, compared with 965 cents for the same period the previous year.

HEPS strips out certain one-off items and is the main profit measure in South Africa.

The poultry producer, which detected the highly pathogenic H5N8 bird flu on some of its farms, said the profit forecast was boosted by no further losses incurred as a result of the outbreak for the remainder of the 2017 financial year.

The company added that all-round trading results for the month of September were “significantly better than expected” at the time of the previous trading update published on Sept. 20.

Shares in Astral rose more than 4 percent to 182.24 rand after the update.

Reporting by Tanisha Heiberg; Editing by Mark Potter

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