BLBG:South Africa’s Illovo Sugar Posts 29% Increase in Interim Net
Illovo Sugar Ltd. (ILV), Africa’s largest sugar producer, said half-year attributable profit rose 29 percent to 778 million rand on higher production and sales.
Sugar output for the six months through September rose 17 percent from a year earlier, according to a company statement. Sugar sales volumes were almost 10 percent higher, the company said. The distribution per share rose to 34 cents from 23 cents.
The profit is “on the back of an anticipated group cane production record for the season with a notable recovery in South Africa following excellent rainfall after the prior drought,” Graham Clark, the managing director, said in the statement.
Milling for the current season has improved in South Africa, Swaziland, Malawi and Zambia, the company said.
To contact the reporter on this story: Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.net
To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net
