CAPE TOWN: South African wine and spirits maker Distell Group said on Wednesday half-year profit rose 18 percent, aided by higher earnings from exports markets due to the weaker rand currency.
Distell, majority-owned by South African investment firm Remgro, said headline earnings per share came in at 529.7 cents in the six months to the end of December. Headline EPS is the main profit measure in South Africa that strips out certain one-off items. Distell, which also makes ciders, said sales increased 14.6 percent at home while the weaker rand currency boosted overseas profits when they are brought back.
But Angola’s macroeconomic challenges weighed on Distell’s overall performance, the company said, where a weaker currency and lower oil revenues affected sales. Shares in Distell were up 2.93 percent at 159.00 rand by 1144 GMT, compared to a 1.1 percent gain in the Johannesburg Securities Exchange’s All-share index.
