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RCL Foods slumps 10% as sugar tax does big damage

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The company's HEPS for the year to end-June is expected to fall up to 66.9%, after it impaired its sugar unit by R761.9m

RCL Foods, which owns Rainbow Chicken and Selati Sugar, fell as much as 10.5% on Thursday after warning it had written down its sugar unit by R761.9m as a result of a bigger than expected impact from the imposition of the government's sugar tax.

The imposition of the sugar tax had resulted in a higher proportion of production needing to be exported at low international prices, RCL said, resulting in the impairment of its sugar unit.

Source: News Formal (newsformal.com)

 

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