S AFRICA: KWV interims boosted by Ceres sell-off
The sale of its 25% share in Ceres Fruit Juices for R73.6m in November and the R93m garnered in income from associates for the six months to 31 December 2004 (R70.5min 2003), has bolstered KWV Limited's interim results.
KWV raised its adjusted headline earnings per share to 15.2 cents a year from 11.2 cents for the same period in 2003.
The group's turnover for the six months amounted to R581m, 7.7% higher than the R539.3m in 2003.
Total sales volumes for KWV's South African operations increased by 6.1%, attributable mainly to brandy sales in the domestic market. KWV is the biggest producer of brandy in South Africa, marketing under its own brands and selling in bulk to other companies.
Total sales of branded products, on the other hand, declined by 4.9%. Domestic sales of branded products increased by 23.8% following KWV's entry into this market. Export volumes of branded products, however, declined by 9.8% due to difficult trading conditions in international markets, the company said.
No dividend was declared.
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