South Africa: Capespan beats the odds

Capespan, South Africa 's leading fresh fruit exporter, churned out a solid set of results last year despite pressures from abnormal weather conditions, the strong rand and increased competition.

The group's latest annual report says the operating profit for the year to December grew by 15.3% to R58.6 million on the back of a gain of 8.9% to R1.76 billion in revenue.

The profit was driven mainly by higher South African fruit procurement operations; Fisher Capespan, which is the group's procurement and marketing company in the US and Canada; and a reduction in operating expenses.

The group's bottom line was even more impressive, with net profit after tax growing by a whopping 196.8% to R48.9m. The boost came mainly from increased investment income, lower foreign exchange losses, lower taxation and an improved share of associated companies' retained income.