Johannesburg – Illovo Sugar [JSE:ILV] said on Wednesday that its headline earnings per share and earnings per share were expected to be between 20% and 30%, and 15% and 25% lower respectively, than achieved in the financial year ended March 31 2010.
   
The low-cost sugar producer reported diluted headline earnings per share of 170.7 cents for the year ended March 2010, from 210.6 cents previously.
   
The group reported diluted basic earnings per share of 160.9 cents versus 209.8 cents earlier.
   
Revenue was at R8.46bn against R8.6bn in 2009, while operating profit increased by 8% to R1.499bn.
   
The group said that its results would be further affected by the full year dilution impact of a rights issue completed in September 2009.
   
"Overall, the forthcoming year is expected to be a difficult one for the company. The results for the year will again be affected by the level of the rand compared to other currencies, whilst drought in South Africa will also negatively affect sugar production in that country.  
   
"In addition, the weaker value of the euro will impact on downstream sales and sugar export earnings from sales to the European Union," Illovo said.

- I-Net Bridge