Tongaat Hullet's: Earnings soar

2010-05-18 00:00

HEADLINE earnings of the KZN-based sugar producer, Tongaat Hulett, are expected to be between 34% and 38% higher this year compared with the corresponding 15 months, the company said in a trading statement for the 15 months ended March 31, 2010.

“Tongaat Hulett’s financial year-end has changed to [March 31] … Headline earnings … are expected to be between R840 million and R860 million.”

Operating profit is expected to be between R1,65 billion and R1,7 billion, a rise of between 25% and 29%.

“As reported in the interim results for the six months to [June 30, 2009] and the 12 months to [December 31, 2009], the Zimbabwe operations are now consolidated in Tongaat Hulett’s financial results [which] gave rise to a balance sheet take-on gain of R1,969 billion …

Total net profit for the 15 months is expected to be approximately R3 billion … [and] 2800 cents per share.”

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