2011-09-20
CLOVER has boosted its milk quota to farmers for the financial year by 50m litres in a bid to boost production and manage rising costs better. CE JOHANN VORSTER yesterday said the biggest weapon against inflation is volume growth. CLOVER expected milk to increase to 680m litres from July 2011 to June 2012. Should it manage this, the group will be better equipped to handle rising fixed costs. In the year to end-Jun. revenue rose 6.1% to R6.5bn and headline earnings from continuing operations lifted 822.1% to R175.2m. Profit from continuing operations fell to R184m from R303.7m y/y due to certain one-off items. Normalised operating profit was up 2.4% to R328.6m. CLOVER closed down 0.45% at R11.10 on the JSE yesterday.
This news brief represents a summary of the original article. Samantha Enslin-Payne
20 September 2011 - Business Report