Tongaat Hulett output hit by drought | Fin24
 
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Tongaat Hulett output hit by drought

May 20 2016 18:45

Johannesburg - SA's sugar producer Tongaat Hulett on Friday flagged an 18% drop in full-year profit due to drought, which hit its main sugar growing regions.

Headline earnings per share (EPS) for the year ended March are expected to have fallen 17.9% to 678 cents, Africa's second biggest sugar producer said in a statement.

An El Nino-induced drought in southern Africa has crippled production of maize, sugar and other agricultural products.

Tongaat Hulett said its total annual sugar production was expected to have fallen 291 000 tons to 1 023 million as the drought scorched sugar cane fields, with the biggest drop coming from South Africa which saw a 40% drop in output.

Illovo Sugar[JSE:ILV] last week warned its full-year profit could decline as much as 70% due to the drought.

Tongaat Hulett's[JSE:TON] shares were down 0.43% at 112.56 rand just after lunch.

illovo  |  johannesburg  |  agribusiness
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