UPDATE 3-Tiger Brands revenue falls short after challenges at meat unit [Reuters]
TIGER BRANDS LTD S/ADR (TBLMY)
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Source: Reuters
UPDATE 3-Tiger Brands revenue falls short after challenges at meat unit - Reuters 4 Min Read * Reopening of meat factory posed challenges * Domestic sales rose but exports weakened * Consumer income under pressure in South Africa (Adds CFO quotes, recasts lead) By Nqobile Dludla JOHANNESBURG, May 22 (Reuters) - South Africa’s Tiger Brands underestimated the work involved in re-establishing its processed meats business after a listeria outbreak, it said on Wednesday, leaving it with disappointing sales and a battle to reclaim market share. The outbreak in February 2018 forced the country’s leading food producer to recall cold meat products such as polony and suspend operations at its facilities. Its shares now trade around 42% lower than before the first announcement regarding the listeria. Performance at the Value Added Meat Products (VAMP) division was hit by the challenges of re-opening the factory and relaunching products. Revenue in the six-months to end March tumbled by 79 percen
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