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Reuters reports that food producer Tiger Brands said on Monday it was looking at “significant” job cuts as its business had been hit by supply disruptions and margin pressures due to the impact of the coronavirus.
The company also won’t be paying an interim dividend The owner of Jungle Oats and Tastic rice said first-half headline earnings fell 35%. It expected coronavirus-related costs of about R500 million to hit profit in the second half of the year due to rand weakness, global supply chain disruptions and additional costs incurred during a lockdown in SA to curb the spread of the virus. As a result the company has started looking at cost-cutting measures, including possibly “significant” job cuts, CE Noel Doyle indicated. “Not just in headcount but right across our whole offering and of course we have to look at a couple of the categories where we have been incurring significant losses,” he stated. Tiger Brands employs more than 11,200 people in SA, excluding seasonal staff, a company spokesperson indicated.
- Read the full original of the report in the above regard by Nqobile Dludla at Moneyweb
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Get other news reports at the SA Labour News home page