The liquor group expects a sharp drop in its profits in its year to end-June
Distell, the maker of the Savanna, Hunter’s Dry and Nederburg brands, says it has seen a spike in demand in SA as restrictions on selling of alcohol have eased, but volumes remain down about a quarter year on year.
The easing of export regulations related to agricultural products during level 4 of the lockdown meant that open orders to the value of about R440m could be processed. Distell said it is facing continued uncertainty regarding writing down the value of its stock, as well as potential losses related to money it is owed. Overall, group revenues to June 19 have contracted 15.4%, while volumes have fallen 23.3%.
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