ILLOVO SUGAR LIMITED - COMPANY PRESS RELEASE

ILLOVO SUGAR LIMITED - COMPANY PRESS RELEASE                                    
ILLOVO SUGAR LIMITED                                                            
(Incorporated in the Republic of South Africa)                                  
Company registration number 1906/000622/06                                      
Share Code: ILV                                                                 
ISIN: ZAE000003547                                                              
("Illovo Sugar")                                                                
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004                       
-  Group operating profit down 36.5% to R210.8 million (2003: R332.0 million)   
-  Headline earnings per share down 32% to 19.6 cents (2003: 28.6 cents)        
-  Interim dividend of 12 cents per share (2003: 18 cents)                      
-  Strategic re-alignment of assets progressing - Gledhow, Monitor sold         
-  Balance Sheet strengthened - borrowings decreased by R568.2 million compared 
to the same period last year                                                    
-  Dry conditions in South Africa - favourable growing conditions for production
elsewhere in Africa                                                             
Don MacLeod, Managing Director, commented:                                      
"Clearly these are disappointing results, severely impacted by the continuing   
strong rand, reduced local sugar prices and dry weather conditions. However, the
results are in line with previously advised expectations of financial           
performance for the period.  We have, nonetheless, made much progress in the    
last six months delivering on our strategy to strengthen the balance sheet and  
re-align our assets. We are well positioned to expand our business through      
increased production in the rest of Africa and through future acquisitions."    
18 November 2004                                                                
Enquiries:                                                                      
Illovo Sugar                                 031 508 4300                       
Don MacLeod, Managing Director                                                  
John Russell, Financial Director                                                
Chris Fitz-Gerald, Corporate Communications                                     
College Hill                                 011 447 3030                       
Johannes van Niekerk                         082 921 9110                       
Nicholas Williams                            083 607 0761                       
Date: 18/11/2004 08:02:15 AM Supplied by www.sharenet.co.za                     
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