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Lower mackerel quota affected Bidvest profits

NAMIBIA
Wednesday, March 04, 2015, 01:30 (GMT + 9)

Bidvest Namibia considers the results obtained in the half-year ended 31 December 2014 were 'reasonable', given the difficulties faced by its fishing, food and distribution divisions. The company reported that the basic earnings per share declined by 10.4 per cent in the six-month period compared to the previous corresponding period. The firm remarked that the main reason for this drop is due to the significantly lower horse mackerel quota allocation received by Namsov and its joint venture partners with the second quota allocation for the 2014 calendar year. The company also informed a 0.7 per cent increase in revenue for the analysed six-month period, changing from NAD 1,696,544 (USD 144,818) to NAD 1,707,813 (USD 145,780). The firm reported a NAD 179.6 million (USD 15.3 million) trading profit, representing a fall from the prior year of NAD 41.8 million (USD 3.6 mill... FULL STORY

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