JSE-listed poultry producer, Astral Foods, on Monday said it had submitted an anti-dumping application to the International Trade and Administration Commission of South Africa (ITAC) against the United Kingdom, the Netherlands and Germany.

As a result, ITAC effected provisional anti-dumping duties against poultry imports from the UK, the Netherlands and Germany until January 2 next year.

“It is of paramount importance that these measures are sanctioned on a more permanent basis by the Minister of Trade and Industry in order to stem the tide of dumped poultry products into South Africa,” Astral said.

This emerged as the company released annual results for the year ended September this year.

During the period under review, headline earnings soared from R165,1 million ($14.8 million) to R329,7 million ($29.5 million) attributable to the continuation of the turnaround of the poultry division which started in the second half of the previous financial year.

Revenue surged 13 percent to R9 602 million ($863.6 million) while operating profit soared 88 percent to R492.9 million (44.3 million).

Profit before tax soared 63 percent to R469.9 million ($42.2 million) from R287.9 million ($26 million) which includes a profit of R46.6 million ($4.1 million) on the sale of a portion of an interest in an associate.

Astral said the recent South African harvest produced a record maize crop, and together with healthy global maize and soya crops the softening of grain prices will at least benefit feed prices and livestock production costs in the first half of the new reporting period.

Astral has engaged in an expansion drive over the past year, with sizeable investments in various value enhancing projects. The ‘bedding down’ of these investments and achieving the projected returns will be a key focus area in the new financial year.

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