Costa Group doubles the profit in FY18, but market does not seem to like it as CGC takes a deep dive of 9.5%, trading at $7.91 on ASX on 24 August 2018, 2:30 PM AEST.
Australia’s leading grower, packer and marketer of fresh fruit and vegetable, Costa Group announced its financial results for the period ending 30 June 2018, which revealed revenue growth of 10.2% while profit from ordinary activities shot up 104.3% to $117.78 million. This reflects the “standout” performance of citrus category, tomato and mushroom categories growth, and expansion of new category, avocado.
However, for shareholders to take an in-depth analysis it is important to note that group’s NPAT excluding material items rose 26.3% to $76.69 million in fiscal 2018.
Final dividend of 8.5 cents per share declared, which takes full year dividend to 13.5 cents, up 22.7% on FY17. This fully franked final dividend is payable on 4 October 2018 with the record date of 13 September 2018.
Group’s key acquisition during the year has impacted the net debt which is up over $84 million while low double-digit growth in NPAT before SGARA has also been forecasted for next financial year. Costa shares which have more than quadrupled since its IPO are now on a downswing.
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