May 14, 2009

Astral Foods Ltd., South Africa's second-largest chicken producer, said full-year profit will increase following declines in feed prices.

There is currently also more stability in the poultry market which should lead to improved earnings for the year, said chief executive officer Chris Schutte.

Net income fell to 158.5 million rand for the six months ended March 31, from ZAR263 million a year ago, said the Pretoria-based company.

In addition, Astral is opposing an anti-competitive charge, but no date has been set for a hearing so far, said Schutte.

Astral rose ZAR2.09 or 2.2 percent to ZAR95.65 in Johannesburg trading Tuesday (May 12), valuing the company at ZAR4.03 billion.

US$1 = ZAR8.52 (May 14)