Johannesburg — A FIRM rand had had a negative effect on profit for the six months to September, agricultural products group Crookes Brothers said yesterday.

Almost half of the company's revenue was derived from exports. Net profit fell to R24m from R26,8m in the first six months last year. Diluted headline earnings per share declined to 68,2c from 216,6c. Revenue increased to R180,2m from R179,9m, and the dividend was unchanged at 45c per share.

The deciduous, citrus and grain divisions underperformed. The group said although the deciduous business achieved good yields and quality, rand prices were on average 20% lower than the previous year.

The division also reported a R7,1m negative revaluation of stock carried forward from the previous year, which resulted from adverse currency movements. "Nevertheless, this crop is expected to remain profitable over the full year," the company said . The citrus division yielded poor results, while grain yields looked promising despite the decreased price. The crocodile business also remained under pressure.

Crookes Brothers would be implementing contingency plans that have been put in place to deal with excess stocks.

The company's share price yesterday increased almost 2%, closing at R52 .