JOHANNESBURG – South African food and beverage company Clover Industries yesterday reported a 41% jump in first-half earnings on higher product prices despite falling sales and market share.
Clover, whose brands include Tropika juices, said headline earnings per share for the six months to December totalled 109,2 cents, from 77,3 cents a year ago.
Headline earnings are the main profit gauge in South Africa and exclude certain one-off items.
Clover said it increased prices of most of its products in June 2014 to recover revenue lost after the price of raw milk, a vital ingredient, rose.
The shortage of raw milk resulted in group sales dipping 3,2% as Clover, which sells milk products including cheese and yoghurt, could not supply the market.
– Nampa-Reuters
