South African sugar company Illovo Sugar has reported a 33% rise in full-year headline earnings per share thanks to higher sugar prices.
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Illovo, which grows sugar cane and makes white sugar and related products, said headline EPS, which strips out exceptional items and their tax effects rose 33% to 136.8 cents for the year to 31 March 2003. Revenues rose 17% to just over 7bn rand (US$900.8m).
“A substantial increase in cane and sugar production, strong performance from downstream operations, improved domestic market sales and a weaker rand contributed to these results,” the company was quoted by Reuters as saying.
However, the company gave a less optimistic outlook for the current financial year: “The results in the forthcoming year will be impacted by disappointing rainfall in South Africa this past summer. The first official cane estimate released in early April was approximately 12.5% below last year’s final production figure.
“The rand is considerably stronger at present compared with the same period last year and there will be a significant negative effect on earnings should the rand continue to trade at current levels for the remainder of the 2003/04 financial year,” Illovo added.
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