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South Africa: Oceana Grows Revenue 15 Percent
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Business Day (Johannesburg)
9 May 2008
Posted to the web 9 May 2008
Nicola Mawson
Johannesburg
OCEANA, which is involved in catching, processing and procuring marine species, grew margins in the first half of the year off the back of rising prices and a weaker rand.
The company said yesterday revenue had grown 15%, to R1,3bn from R1,1bn, in the six months to March.
Operating profit grew 48%, to R102m from R69m, and headline earnings per share grew 63%, to 76,2c from 46,7c.
CEO Andrew Marshall said the group expected full-year results to be an improvement on last year, although growth in the second half of the year would be at a slower rate.
Oceana, which sells most of its products offshore, said most of its products had garnered better selling prices than a year ago and the weaker rand had aided these gains. This had led to margin gains, Marshall said.
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Oceana's fishmeal operations were disappointing, making a loss in the half-year as the group met lower export selling prices and higher output costs. Marshall said the group was diversified enough to balance performance when one unit had a tougher trading period.
Canned fish was more profitable despite a reduction in the amount of catchable fish, while lobster benefited from a weaker rand and higher prices, although costs increased.
Operating profit from horse mackerel was higher than last year, despite lower catches in Namibia. Hake operations had shown an improvement, he said.
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