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Zambeef takes hit from adverse currency movements
StockMarketWire.com
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African food producer Zambeef Group's earnings per share is expected to plummet in local currency terms after the Zambian currency fell significantly against the dollar.
For the financial year ending 30 September 2020, the Alternative Investment Market-listed Zambian company said it expected earnings per share to be 665% lower in Kwacha (Zambian currency) terms than the previous year.
It still expected to report dollar-denominated revenue and earnings in line with current market expectations, as well as adjusted profit before tax more than 25% ahead of expectations.
However, a weakening currency - which had an adverse impact on the price of imports - and depressed customer spending affected the group results, Zambeef said.
Full-year results will be announced on 30 November. The company expects to report revenue of $239.6 million and a group loss after tax for the period of $6.3 million.
At 3:01pm: (LON:ZAM) Zambeef Products PLC share price was 0p at 4.75p
Story provided by StockMarketWire.com
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