TONGAAT: 8,310 -41 (-0.49%)
South Africa's Tongaat Hulett posts 5 percent rise in HY profit
(Gives quote, adds detail)
JOHANNESBURG, Nov 13 (Reuters) - South Africa's Tongaat
Hulett reported a 5 percent rise in half-year profit on
Monday, boosted by recovered production after a two-year drought
and income from land sales.
Diluted headline earnings per share - the main profit
measure in South Africa - rose to 573.8 cents per share in the
six months ended Sept. 30 compared with 546.7 for the same
period the previous year.
Sugar output volumes have started to recover after the
lengthy drought but gains were offset by lower world sugar
prices and high imports into South Africa, the company said.
Tongaat Hulett expects to increase its share of regional
sugar production to 26 percent in 2017/18, from 22 percent in
the previous season.
An El Nino-induced drought in southern Africa, which led to
the driest year on record in 2015, crippled production of maize,
sugar and other agricultural products.
Tongaat Hulett said it benefited from land conversion and
development activities with the sale of 35 developable hectares
during the period.
The firm declared an interim dividend of 100 cents per
(Reporting by Tanisha Heiberg; Editing by Joe Brock)
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