Crocodile breeder,
Since last year, global economies have been at various levels of lockdowns, which caused supply chain disruptions due to movement restrictions.
Most countries closed their borders as part of efforts to limit the spread of the pandemic, which had an adverse impact on businesses.
For
"The board of directors of
"The group's crocodile and alligator businesses have been impacted by market dynamics resultant from the Covid-19 pandemic and in particular a softening of international markets for luxury exotic skin products resulting in one of the most depressed trading environments ever," said chairman Mr
The warning is a precursor to the financial results to be released at a date to be announced.
The closure of restaurants across
However, management still remains upbeat of recovery post pandemic.
"Notwithstanding these challenges, both businesses were able to sustain skins supply contracts with premium customers at a time when most crocodilian operations worldwide had no viable market and have ceased production.
"We believe that our customers will be at the forefront of the market recovery post Covid-19," said
The group expanded its businesses into gold mining in a move expected to diversify risk and boost its export earnings.
Earlier in a trading update for the third quarter to
A trading update for that quarter showed revenue went up 221 percent with the mining operations accounting for 70 percent of that.
During the nine months to September, Dallaglio's gold sales volumes went up 20 percent to 544,2kg from 452,8kg in the prior comparable period as gold spot price firmed 27 percent to
On the other hand, the crocodile and alligator businesses were negatively impacted by Covid-19 pandemic with no meaningful turnover being recorded since
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