In partnership with
All data is delayed
Loading...
See More

Illovo prospects rosy as output rises

Nov 15 2012 09:25
Reuters
Johannesburg - Illovo Sugar [JSE:ILV] posted a 30% rise in first-half earnings on Thursday as output rose, and said it expects solid results ahead.

Illovo, a unit of Associated British Foods, said diluted headline earnings per share for the six months to end-September totalled 82 cents, compared with 62.9c a year earlier.

The firm - Africa's biggest sugar producer with operations in South Africa, Malawi, Zambia, Swaziland, Tanzania and Mozambique - said revenue rose 25% to R5.7bn.

Illovo said full-year sugar output was likely to increase by as much as 15% from the previous season. The company produced 1.526 million tonnes of sugar last year.

"This increase will be driven by an increase in South Africa, where a return to more normal growing conditions will likely produce an increase in cane crushed," it said in a statement.

The company also said a recovery in sales in South Africa and Tanzania is expected in the second half of the year.

Illovo shares have gained 25% so far this year, compared with a 16% rise in the broader All Share [JSE:J203] index.

 
illovo sugar

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about: SMALL BUSINESS

From fossils to finance – that’s been the career trajectory of Dr Merrill van der Walt, a palaeontologist until recently. She is now a statistician with a difference.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA's avoidance of junk status by rating agencies: Moody's and Fitch

Previous results · Suggest a vote

Loading...