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Silver Lining for Rainbow Poultry
SOUTH AFRICA - Rainbow Chicken bucked the trend of falling profits in the poultry sector and managed to squeeze out a 13.6 percent rise in annual profit but it warned yesterday that earnings would likely fall in financial 2009.According to the Business Report news agency, poultry producer profits have been hit by higher input costs for maize, an important chicken feedstock, at a time when consumer demand has softened. But years of growth have seen players increase capacity to take advantage of growing demand that suddenly stalled this year.
Earlier this week, rival Astral Foods said its half-year profits fell 13 percent to R267 million.
Rainbow Chicken said net profit in the year to March rose 13.6 percent to R539 million. Headline earnings a share were up by less at 7.8 percent.
Revenue was up 25.9 percent to R5.96 billion. The company said year-on-year yellow maize prices in March gained 4.2 percent to R1 877 a ton as prices stabilised. But in the previous year prices had risen as much as 79.5 percent.
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