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Tiger Brands says FY earnings to fall as much as 30%

Recall of cold meat products in response to a deadly listeria outbreak cost it R365 million.

South Africa’s Tiger Brands expects full year headline earnings per share to fall between 25 and 30% compared with the previous year, the food group said on Friday, sending its shares 3% lower.

In August, the company had forecast headline earnings per share, excluding costs from a disposal of its Haco business in December 2017, of between 22 and 37%.

Headline earnings per share strips out certain once-off items and is the main profit measure used in South Africa.

The company’s earnings for the year to the end of September were impacted by a product recall in response to a deadly listeria outbreak in South Africa.

Tiger Brands said headline earnings per share, excluding Haco, were expected at between 539 cents and 647 cents per share versus 2,155 cents per share in the same period last year.

Tiger Brands said in May that a recall of cold meat products in response to a deadly listeria outbreak cost it R365 million ($29 million), which weighed hit its half-year earnings.

Its shares fell 3.11% to R271.38 by 0950 GMT. 

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