May 22, 2019 / 5:57 AM / 6 months ago

South Africa's Tiger Brands H1 earnings fall 12%

JOHANNESBURG, May 22 (Reuters) - South Africa’s Tiger Brands posted a 12% fall in half-year earnings on Wednesday, due to continued pressure on consumer spending and lower sales in international markets.

The country’s leading food producer, with brands such as Jungle Oats and Tastic rice, said headline earnings per share (HEPS) from continuing operations in the six months ended March 31 dropped to 762 cents from 868 cents a year earlier.

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

Tiger Brands declared an interim dividend of 321 cents per share for the first half to March, down 15% due to recent changes in the group’s dividend policy. It also declared a special dividend of 306 cents per share as a result of the once-off proceeds received from Brimstone sale. (Reporting by Nqobile Dludla; Editing by Subhranshu Sahu)

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