February 23, 2018 / 5:49 AM / a month ago

South Africa's Distell H1 sales rise 9.3 pct

JOHANNESBURG, Feb 23 (Reuters) - South African wine and spirits maker Distell Group on Friday reported a 9.3 percent increase in revenue in the first-half, supported by higher volumes in the firm’s spirits and ready-to-drink businesses.

Distell, which makes Savanna cider and Amarula cream liqueur, said group revenue for the six-months ended Dec. 31 rose to 13.4 billion rand ($1.15 billion) from 12.3 billion rand a year ago.

Headline earnings per share, a widely watched profit measure in South Africa that strips out certain one-off, non-trading items, fell by 5.1 percent to 509.2 cents.

Retailers in South Africa are facing tough trading conditions as consumer sentiment hits multi-year lows and high unemployment and inflation erode disposable incomes in the country’s first recession in eight years. ($1 = 11.6800 rand) (Reporting by Nqobile Dludla; Editing by Biju Dwarakanath)

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