CAPE TOWN: Tongaat Hulett has recorded a 14.6% drop in full-year headline earnings to R945m due to a reduction in sugar volumes and lower prices.
The sugar producer said on Monday that total sugar output in the year to March slipped to 1.314-million tons from 1.424-million tons, affected by dry conditions in KwaZulu-Natal. World sugar prices declined further, with global stock levels having increased following favourable weather conditions in many sugar-producing regions of the world.
Revenue was up just 2.8% to R16.15bn, but operating profit dropped 12% to R2.08bn. A final dividend of 210c per share was declared. The mid-cap counter has lost 24% of its market value since January to R131.14 a share.
