TON - Tongaat Hulett: Trading statement for the half-year to 30 September 2010
TON
THGL
TON - Tongaat Hulett: Trading statement for the half-year to 30 September 2010
Tongaat Hulett Limited
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541
TONGAAT HULETT: TRADING STATEMENT FOR THE HALF-YEAR TO 30 SEPTEMBER 2010
Tongaat Hulett issues the following voluntary trading statement for the
half-year to 30 September 2010.
Headline earnings are expected to increase by 12% to R507 million for the
half-year to 30 September 2010, compared to the R452 million earned in the
same period last year. Headline earnings per share for the half-year are
expected to be 482 cents per share (six months to September 2009: 438 cents
per share), an increase of 10%. Net profit per share is also expected to
reflect an increase of approximately 10%.
The past six months have been characterised by counteractive factors. Tongaat
Hulett is starting to benefit from the targeted sugar production growth in
Mozambique and Zimbabwe. Sugar production in South Africa has been affected
by the most severe drought since the mid 1990`s negating the hectares under
cane supplying Tongaat Hulett`s mills increasing by some 2 000 hectares.
European and world sugar prices were favourable. In Mozambique, local sugar
prices have not kept pace with the weakening of the Metical. Exchange rates
have been less favourable than in the corresponding six months in 2009. In
the current economic climate, the sale of development land remained depressed.
Tongaat Hulett`s profit from operations for the half-year to 30 September 2010
is expected to increase by 10% to R963 million from the R873 million earned in
the comparative six months to 30 September 2009. This includes profit from the
Mozambique sugar operations of R163 million (2009: R79 million), the Zimbabwe
sugar operations of R303 million (2009: R326 million), the South African
agriculture, milling and refining operations of R47 million (2009: R77 million)
and the various other sugar and downstream activities of R155 million (2009:
R156 million). Profit from the starch operations amounts to R125 million (2009:
R117 million) and profit from the land conversion and development operations is
R97 million (2009: R72 million). A net gain of R73 million is reflected on the
centrally accounted and consolidation items (2009: R46 million gain), which
again includes a gain on the recognition of an unconditional entitlement to an
employer surplus account allocation in the Tongaat Hulett pension fund.
This trading statement is issued in accordance with the JSE Listings
Requirements. The above information has not been reported on by the auditors.
The interim results for the half year ended 30 September 2010 are scheduled
for release on Monday, 15 November 2010.
Tongaat
8 November 2010
Sponsor
INVESTEC BANK LIMITED
Date: 08/11/2010 08:28:18 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
