Agriculture
Sugar earnings show decline─── 10:20 Tue, 26 May 2015
Bloemfontein - Sugar giant TONGAAT Hulett has recorded a 14.6% drop in full-year headline earnings due to a reduction in sugar volumes and lower prices.
According to a report on Business Day Live, dry conditions in KwaZulu-Natal are among the challenges that have seen TONGAAT Hulett’s full-year- headline earnings drop to R945-million.
It also states world sugar prices have declined with global stock levels having increased following favourable weather conditions in many sugar-producing regions of the world.
The report states that TONGAAT Hullet’s revenue was up 2.8% to R16.15bn, but that operating profit dropped 12% to just over R2-billion.
Source: http://www.bdlive.co.za/
