Tegel posts 24% drop in annual profit, recommends investors accept takeover offer

Sun, 10 Jun 2018

By Tina Morrison June 11 (BusinessDesk) - Tegel Group Holdings, the poultry group which listed on the NZX two years ago, posted a 24 percent drop in annual profit and recommended shareholders accept a $437.8 million takeover offer from Philippines poultry company Bounty Fresh Foods. Auckland-based Tegel posted net profit of $26.1 million in the 52 weeks ended April 29, down from $34.2 million a year earlier, after a one-time pre-tax costs of about $9.9 million due to industry compliance, ex-cyclone Gita and organisational restructuring. I...

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