Clover posts 41% jump in earnings

JOHANNESBURG, March 17 (Reuters) – South African food and beverage company Clover Industries reported on Tuesday a 41 percent jump in first-half earnings on higher product prices despite falling sales and market share.

Clover, whose brands include Tropika juices, said headline earnings per share for the six months to December totalled 109.2 cents, from 77.3 cents in the year-ago period.

Headline earnings are the main profit gauge in South Africa and exclude certain one-off items.

Clover said it increased prices of most of its products in June 2014 to recover revenue lost after prices of raw milk, a vital ingredient, rose.

The shortage of raw milk resulted in group sales dipping 3.2 percent as Clover, which sells milk products including cheese and yoghurt, could not supply the market.

The company raised its interim dividend by 41.3 percent to 22.6 cents.

(Reporting by Zandi Shabalala; Editing by Subhranshu Sahu and Biju Dwarakanath)