South African sugar producer Tongaat Hulett flagged on Friday an 18 percent drop in full-year profit due to drought, which hit its main sugar growing regions.
Tongaat Hulett results, output hit by drought
An El Nino-induced drought in southern Africa has crippled production of maize, sugar and other agricultural products.
Farmers pack sugar cane in the southern Egyptian town of Nagaa Hamady , file.
Headline earnings per share (EPS) for the year ended March are expected to have fallen 17.9 percent to 678 cents, Africa's second biggest sugar producer said in a statement.
An El Nino-induced drought in southern Africa has crippled production of maize, sugar and other agricultural products.
Tongaat Hulett said its total annual sugar production was expected to have fallen 291,000 tonnes to 1,023 million as the drought scorched sugar cane fields, with the biggest drop coming from South Africa which saw a 40 percent drop in output.
ADVERTISEMENT
Illovo Sugar last week warned its full-year profit could decline as much as 70 percent due to drought conditions.
Tongaat Hulett's shares were down 0.43 percent at 112.56 rand by 1355 GMT.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Nigerians raise questions about Bobrisky’s lawyers as Cubana Chief Priest dodges trial
Man bags 3 yrs term for stealing phones from worshippers after making calls
ASUU declares indefinite strike in UniAbuja
First lady, Obasanjo, Gowon, other dignitaries to attend Yar’Adua conference
KADIRS seals 6 telecom masts, businesses over ₦5.8bn unpaid taxes
EFCC, Cubana Chief Priest to resolve naira abuse case out of court
Okoloba community calls for Army barracks in Okuama to curb communal clashes
Bag of rice is ₦80k - Cross River workers disappointed with Otu's ₦40k wage
17-year-old yahoo boy hacks EFCC chairman's BVN, bank account details
ADVERTISEMENT