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Johannesburg -Illovo Sugar posted a 3% fall in first-half headline earnings per share on Thursday and said it expected full-year headline EPS to fall due to the impact of its rights offer.
Illovo, a unit of Associated British Foods, said headline EPS dropped to 106.5 cents, weighed down by a higher effective tax rate.
Headline earnings are the main profit gauge in South Africa and strip certain once-off, financial and non-trading items.
First half cash operating profit rose by 39% to R862.3m, and revenue rose 27% to R8.6bn.
"Due to the full recognition of tax allowances in Zambia in the prior year, the effective rate of taxation has normalised at 30%, as compared to 19% in the same period last year," the company said in a statement.
Illovo, which has interests in Zambia, Swaziland, Mozambique, Tanzania and Mali said production had increased in all its operations, with total output for the group this year expected at around 1.78 million tonnes, about 200 000 tonnes more than the previous year.
The company declared an interim dividend of 32 cents per share and said it expected full year headline earnings per share to be between 10% and 20% lower than the previous year due to the impact of its R3bn rights issue.
- Reuters