Tegel first-half earnings fall 4% as margins get squeezed on chicken glut

Wed, 14 Dec 2016

By Paul McBeth Dec. 15 (BusinessDesk) - Tegel Group Holdings, the poultry group taken public by private equity firm Affinity Equity Partners in April, posted a 4 percent decline in first-half earnings as margins were squeezed by a glut of chicken keeping domestic prices low. Underlying earnings before interest, tax, depreciation and amortisation fell to $35.1 million in the six months ended Oct. 23 from $36.6 million a year earlier, the Auckland-based company said in a statement. Revenue rose 4 percent to $296.3 million, lagging behind a...

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