November 22, 2019 / 6:05 AM / 3 months ago

S.Africa's Tiger Brands annual earnings drop 17%

JOHANNESBURG, Nov 22 (Reuters) - South Africa’s Tiger Brands posted a 17% drop in its annual earnings on Friday, dented by ongoing margin compression across the grains portfolio, lower sales in export markets and slower-than-anticipated recovery of its processed meat business.

The country’s leading food producer, with brands such as Jungle Oats and Tastic rice, said its headline earnings per share (HEPS) from continuing operations in the year ended Sept. 30 dropped to 1,349 cents from 1,633 cents last year.

HEPS is the main profit measure in South Africa and strips out certain one-off items. (Reporting by Nqobile Dludla, Editing by Sherry Jacob-Phillips)

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