Strong 1H results for Oceana
Listed fishing company Oceana Group on Friday said headline earnings grew 21 percent in the six months ended March, thanks to an improved performance from each of its three operating segments.
Revenue for the period increased 21 percent and operating profit before abnormal items increased 41 percent compared to the first half of the previous year, the company said.
A provision of R34.75 million for an administrative penalty agreed on with the Competition Commission was disclosed as an abnormal item in the statement of comprehensive income.
Oceana CEO Francois Kuttel said: “Within inshore fishing, canned fish sales volumes on the domestic market increased meaningfully, partially as a result of a more robust supply, with imported product continuing to supplement local supplies.”