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Article: AVI unable to fully pass on food hikes.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- March 10, 2009
CopyrightCOPYRIGHT 2009 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BYLINE: Tom Robbins
Manufacturer AVI had been unable to fully pass on higher food input prices to the consumer sector, the group said yesterday, after differences between the government and industry over high food prices heightened last week.
On Friday Agriculture and Land Affairs Minister Lulu Xingwana accused firms in the food supply chain of "making money out of hungry people".
But AVI chief executive Simon Crutchley denied the company was guilty of excessive profiteering, after the group reported first-half operating profit from continuing operations was up 16 percent to R535 million.
Revenue rose 18 percent to R4 billion, ...