March 13, 2019 / 6:35 AM / 5 months ago

South Africa's Libstar full-year earnings fall on impairment hit

JOHANNESBURG, March 13 (Reuters) - South African food producer Libstar Holdings Ltd on Wednesday reported a 16.1 percent fall in full-year normalised earnings, weighed down by the impairment in the niche beverages category.

The producer of Lancewood diary products said normalised basic and diluted headline earnings per share (HEPS) for the full-year ended Dec. 31, 2018 fell to 73 cents from 87 cents in the previous year.

HEPS is the main profit measure in South Africa, which excludes certain one-off items.

“An impairment loss in the amount of 42 million rand ($2.92 million) was recorded in respect of the residual dairy-blend and fruit concentrate beverage operations, as the group deliberates its strategic options regarding this component of the business,” it said in a statement.

$1 = 14.3831 rand Reporting by Nqobile Dludla; Editing by Rashmi Aich

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