Advertise with fastmoving.co.za
 
 

Illovo feeling the drought
Illovo feeling the drought

Illovo earnings drop 34%

FMCG SUPPLIER NEWS

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

Related News

Falling sugar price triggers rise in import duty
20/08/2019 - 08:40
Sugar import duty increases were triggered again last week after a falling London sugar price increased the protection for local sugar producers by 18 percent.

Sugar importers bitter about consumer prices
19/07/2019 - 10:57
Sugar importers want to know why the industry is subsidised to the extent that consumers are being forced to pay about double the world price.

Food prices dip in October
05/11/2018 - 13:37
International food commodity prices dipped in October, as falling dairy, meat and vegetable oils prices more than offset a surge in sugar prices, according to the United Nations.

RCL’s sugar business takes strain
06/09/2018 - 21:28
The government should do more to shield food and sugar producers from the influx of cheap imports, RCL Foods CFO Rob Field said.

RCL’s sugar business takes strain
29/08/2018 - 13:21
"The government should do more to shield food and sugar producers from the influx of cheap imports," says RCL Foods CFO Rob Field.