Bloomberg News

Distell Shares Rise as Rand Decline Helps Push Profit Growth

January 24, 2012

(Updates with closing price in second paragraph.)

Jan. 23 (Bloomberg) -- Distell Group Ltd. jumped the most in almost four weeks in Johannesburg trading after South Africa’s largest wine and spirits producer said first-half earnings rose because of higher sales and a declining rand.

Distell advanced 3.1 percent to 74.98 rand at the close, the biggest jump since Dec. 28. That pared the stock’s 12-month decline to 0.2 percent.

Earnings per share for the six months through December probably rose by as much as 25 percent from a year earlier as volume increased and rand fell against major currencies, Stellenbosch-based Distell said in a statement today.

The currency of Africa’s biggest economy dropped by 22 percent against the dollar in the year through December, according to data compiled by Bloomberg.

--Editors: Tom Lavell, Robert Valpuesta

To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at smantshantsh@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net


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