AVI Says Low South African Consumer Demand May Boost Competition
Net income rose 38 percent to 970 million rand ($118.3 million) in the year through June, the Johannesburg-based company said in a statement to the stock exchange today.
“We anticipate that the current constrained consumer demand environment will persist and consequently expect increased competition in our categories which, coupled with raw material and other cost pressures, will put pressure on margins in the fast-moving consumer goods sector generally,” AVI said.
AVI shares rose 3.1 percent to 59.73 rand as of 9:09 a.m. in Johannesburg today.
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