South Africa's Oceana Group sees HY profit up 30 pct

JOHANNESBURG (Reuters) - South African fishing firm Oceana Group expects its half-year profit before tax to increase by between 26 and 30 percent, buoyed by higher canned fish sales volumes and stronger fishmeal and fish oil prices, it said on Friday.

Profit for the six-months ended March 31 was also boosted by good hake and horse mackerel catch rates and prices combined with higher cold store occupancy levels in the South African coastal stores, Oceana, whose principal market is the lower-end consumer, added in a statement.

Headline earnings per share for the period are expected to decrease by between 18 and 22 percent to between 254.5 cents per share and 242.1 cents due to a higher tax charge than in the comparative period.

At 1403 GMT, shares in Oceana were up 1.85 percent to 77.05 rand.

(Reporting by Nqobile Dludla, editing by David Evans)

2019-04-12 16:25:08

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