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KWV turnaround watered down by rand hedge

Were it not for a decision to hedge a portion of its international sales, Paarl-based liquor group might have achieved a much more spirited profit performance in the year to end March 2014. KWV managed to fortify its gross profit margin from 29,8% to 31,5% thanks to the 20% weakening in the rand, increased volumes and an improved sales mix with regard to wine sales and increased bulk spirit sales. Unfortunately KWV’s 47% increase in gross profits to R350m was whittled down to an operating loss of around R2m.

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