• Fin24's biz quiz

    Test your business news in 30 seconds with this Fin24 quiz.

  • Inside Labour

    Brexit should send warning signals to worker organisations everywhere, says Terry Bell.

  • Racial redress

    The next adult generation is at risk of being polarised on the basis of skin colour, says Solly Moeng.

All data is delayed
Loading...
See More

Illovo suffers steep profit drop

May 30 2011 07:51
Reuters
Johannesburg - Illovo Sugar [JSE:ILV] posted a 34% drop in full-year earnings on Monday, hurt by a drought in South Africa and a negative currency impact, but said it expected stronger growth this year.

South Africa's Illovo, a unit of Associated British Foods, said diluted headline earnings per share for the year to end-March totalled 112.2 cents, compared with 170.7 cents a year earlier.

Headline earnings are the main profit gauge in South Africa and exclude certain one-off items.

Illovo, Africa's biggest producer of the sweetener, said revenue fell to R8.1bn from R8.5bn. The company has operations in South Africa, Malawi, Zambia, Swaziland, Tanzania and Mozambique.

Sugar production was slightly lower at 1.639 million tonnes, compared with 1.685 million tonnes a year earlier.

The company said drought in South Africa impacted production, while it was also hit by the negative currency movements.

A stronger rand is a negative for companies that sell their products overseas, as it eats into profits when revenue from abroad is brought home.

In lieu of a dividend, Illovo declared a final capital reduction distribution of 34 cents per share.
 
illovo sugar

 
 
 

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:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

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

Voting Booth

Labour’s call for a cap on salary of high earners is?

Previous results · Suggest a vote

Loading...