The world’s second largest producer of ostrich meat and leather, Mosstrich, has announced a massive 45% increase in its turnover to R212 million ($24.6 million) and net profits of R26 million ($3 million) for the year ended September 30 2002.

The South African company benefited from a strong demand for ostrich meat in Europe and the Far East and an upsurge in interest in ostrich leather and feathers from the international fashion industry. The group’s profits were further given a lift by the 30% weakening seen in the rand against the euro during the first half of the year.

The rise in profits enabled the company to pay its 180 shareholders a production bonus of R29 million, a staggering 125% increase on the year before.

Chairman Hendrik Pienaar said the results were the best Mosstrich had seen in its five year existence. However he warned that the demand for ostrich meat in Europe was likely to fall as concerns about mad cow disease receded.

Share this story: