South African sugar producer Tongaat Hulett expects H1 profit to rise 5%
South African sugar producer — Tongaat Hulett — expects half-year profit to rise 4,8% as production recovered after a two-year drought.
It is reported by MailOnline.
The sugar operations have seen the beginning of the production volume recovery after the drought conditions of the previous two years. The company said headline earnings per share (HEPS) for the half-year would be approximately 573 cents per share, up from 547 cents per share for the same period last year.
HEPS is the main profit measure in South Africa.
An El Nino-induced drought in southern Africa, which saw the driest year on record in 2015, crippled production of sugar and other agricultural products.