UPDATE 1-South African food producer Tiger Brands warns of interim profit fall, shares plunge [Reuters]
TIGER BRANDS LTD S/ADR (TBLMY)
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Source: Reuters
UPDATE 1-South African food producer Tiger Brands warns of interim profit fall, shares plunge (Adds details) JOHANNESBURG, Feb 12 (Reuters) - South Africa’s leading food producer Tiger Brands warned on Wednesday that it expects half-year headline earnings to fall as much as 36% as its bakery and pasta business faced pricing pressure and a legal dispute wiped out exports to Nigeria. The warning sent shares in the owner of brands such as Jungle Oats and Tastic rice tumbling nearly 8% to their lowest in more than eight years. The challenging conditions have meant a tough start for new CEO Noel Doyle, the former finance director who replaced Lawrence MacDougall on his retirement last month. Tiger Brands, which is due to report half-year results on May 25, said it expected headline earnings per share from continuing operations of 497-552 South African cents for the six months ending March 31, 2020, down from 773 cents reported a year earlier. The company said the figures reflect ongoing ch
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