JOHANNESBURG - The country’s largest poultry producer has sent out a warning to government as its interim profit crashed by 90-percent.
Astral Foods says deteriorating municipal services and the country’s ongoing electricity crisis are making food insecurity and social tension meaningful threats.
The company declared no dividend, even though revenue rose about 6-percent to almost R10-billion.
This was largely driven by higher prices.
Rolling blackouts cost the group R741-million in the first half of the year.
Astral increased spending on feed as it had to sustain birds for longer because outages delayed slaughtering, as well as the cost of diesel, and overtime wages.