Challenging trading conditions cut into agribusiness Zeder's earnings

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Agribusiness investment company Zeder [JSE:ZED] says challenging trading conditions have caused a sharp decline in headline earnings per share for the first six months of the financial year.

The group, which has investments in Pioneer Foods, Quantum Foods, Kaap Agri and others, said in a trading update on Thursday that headline earnings per share for the six months to end August will be between 2c and 2.8c, over 90% down from the 30.3c reported in the corresponding previous period. Attributable earnings per share, meanwhile, will fall between only 3.7% and 7.3%.

Zeder said the first six months of the year are the "lesser half" of its portfolio’s annual earnings, with generally higher input costs and softer sales.  "Year-on-year comparisons at the interim stage of reporting may therefore reflect seasonal variances," it said. 

It will provide more information when it publishes its full six-month results on or around October 8. 

Zeder's share price was down 1% at R4.60 a share by mid-morning trade. 

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