Kolosus predicts losses on the back of low meat prices
19/03/2003
The South African leather and meat company, Kolosus, says it expects to report a loss for the financial year ending April, 2003, blaming a severe drop in meat prices due to the strong rand. The warning is in stark contrast to the group’s initial forecast that its full year results would be in line with the previous year or even better.
The prediction is a further blow to Kolosus, who are currently facing a R130 million ($15.8 million) legal claim against its subsidiary, Silveroak, by the US-based vehicle leather supplier Seton.
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