S.Africa’s Astral flags profit plunge as power crisis hits poultry production

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Astral Foods (ARLJ.J) expects a 90% plunge in mid-year profit, the poultry processor said on Wednesday, citing rolling power cuts in South Africa that have hit production and hiked costs.

One of South Africa’s largest poultry firms, Astral processes nearly six million chickens per week and accounts for about a quarter of the country’s broiler meat production.

The company supplies chicken meat to major fast-food brands in the country, as well as wholesale and retail outlets.