Food producer Tiger Brands says it’s bracing for a tough few months ahead with a 500 million rand loss in profits. This as the Covid-19 pandemic disrupts supply chains and hits consumer spending. Courtesy #DStv403
JOHANNESBURG - Food producer Tiger Brands says it is bracing for a tough few months ahead with a R 500-million loss in profits.
This as the COVID-19 pandemic disrupts supply chains and hits consumer spending.
Financial results for the six months to end-March show a 2% rise in revenue to R 15.7-billion but profits were down 75% to R 359-million from R 1.4-billion previously.
The makers of Albany bread and Jungle Oats say effects of the pandemic on consumer spending are expected to be dire, with government restrictions on price increases also have expected to weigh on its performance.