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Trading Statement for the half year ended 30 September 2013
Tongaat Hulett Limited
Registration number 1892/000610/06
Share code: TON
ISIN ZAE000096541
TONGAAT HULETT: TRADING STATEMENT FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2013
The following trading statement is issued for the six months to
30 September 2013.
Headline earnings are expected to increase by 1,2% to R663 million for the
half-year,compared to the R655 million earned in the same period last year.
Headline earnings per share for the half-year are expected to be 592 cents
per share (2012: 605 cents per share) while total net profit per share is
expected to be 632 cents per share (2012: 606 cents per share).
Operating profit is expected to be R1,381 billion (2012: R1,290 billion),
a 7% increase. The following are the major elements:
* Operating profit from the various sugar operations totalling R684 million
(2012: R967 million): The sugar operations are experiencing the pressure of
significantly lower international sugar prices, particularly for exports
into the European Union, as well as experiencing the impact of increased
imports into the local Southern African markets. This has affected the
revenue earned and has led to the consequential reduction in the standing
cane valuation. The pricing pressures have added impetus to the drive to
reduce costs of sugar production, with substantial reductions being achieved
in the current season. Unit costs of production are also benefitting as
volumes grow. Tongaat Huletts overall sugar production is continuing to
increase this season and is expected to be at the highest level in the
past 10 years.
* Profit from the land conversion and development operations increasing
to R512 million (2012: R246 million), with sales in the Cornubia and
Umhlanga areas and a major sale of land near the international airport,
north of Durban.
* Profit from the starch operations amounting to R232 million
(2012: R147 million): Starch and glucose margins benefitted from local
maize costs being close to international prices with good co-product
realisations.
* A net charge of R47 million is expected to be reflected for the centrally
accounted and consolidation items (2012: R70 million charge).
This trading statement is issued in accordance with the JSE Listings
Requirements. The above information has not been reported on by the auditors.
The interim results for the half-year ended 30 September 2013 are
scheduled for release on Monday, 11 November 2013.
Tongaat
4 November 2013
Sponsor
INVESTEC BANK LIMITED
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