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S AFRICA: One-off charges hit KWV earnings

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KWV has reported falling first-half earnings as one-off costs hit profits at the South African drinks group.

The company posted operating profit of ZAR26.1m (US$3.6m) for the six months to 31 December, down from ZAR59.5m a year earlier.

KWV incurred higher costs due to its moves to up its stake in German subsidiary Eggers & Franke and to sell UK arm Edward Cavendish & Sons to Thierry's Wine Services.

Nevertheless, the company said yesterday (28 March) that turnover had risen by 10.2% to ZAR700.7m. The rise in revenue came despite an 8.1% fall in wine and brandy volumes.

Nevertheless, KWV's flagship wine label, Roodeberg, enjoyed rising sales internationally, with volumes jumping 28%.

KWV said income from associates had risen to ZAR143.6m, up from ZAR85.4m a year earlier. The increase was due to income from its stake in South African drinks group Distell, as well as a non-recurring black economic empowerment expense.

Headline earnings rose 16.5% to ZAR82.5m, KWV said.


Sectors: Spirits, Wine

Companies: KWV Ltd, Distell

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