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Illovo feeling the drought
Illovo feeling the drought

Illovo earnings drop 34%


Business Day - May 30th 2011, 10:20

Illovo Sugar on Monday reported that drought and the strong currency had impacted earnings which dropped 34% - although the group believes 2011 should show improved growth. 

Diluted headline earnings per share for the year ended the 31 March 2011 were 112,2 cents, compared with 170,7 cents last year.

Africa’s biggest sugar producer reported revenue slumped R8,1bn from R8,5bn last year.

Production fell marginally to 1,639 million tonnes from 1,685 million tonnes this year.

The contributions to operating profit were sugar production 72%, cane growing 19% and downstream 9%.

Country contributions to operating profit saw Malawi leading with 41%, followed by Zambia 24%, South Africa 14%, Tanzania 12%, Swaziland 8% and Mozambique 1%. Cash generation at R1 279m was strong, further strengthening the group’s balance sheet. 

Read more about: food & beverage | illovo | sugar

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