| Fri 4 Nov 2011, 7:05 | | TON - Tongaat Hulett - Trading statement for the half-year to 30 September 2011 |
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TON
THGL
TON - Tongaat Hulett - Trading statement for the half-year to 30 September 2011
Tongaat Hulett Limited
(Registration number 1892/000610/06)
Share code: TON
ISIN ZAE000096541
TONGAAT HULETT: TRADING STATEMENT FOR THE HALF-YEAR TO 30 SEPTEMBER 2011
The following voluntary trading statement is issued for the half-year to 30
September 2011.
Tongaat Hulett`s revenue increased by 27,6% to R6,027 billion for the half-year
(2010: R4,724 billion). Profit from operations is expected to increase to R1,047
billion (2010: R963 million). Excluding the R130 million gain in the prior
period in respect of the pension fund employer surplus account allocation, the
increase in profit from operations is 25,7%.
The profit from operations includes profit from the Mozambique sugar operations
of R267 million (2010: R163 million), the Zimbabwe sugar operations of R364
million (2010: R303 million), the South African agriculture, milling and
refining operations of R54 million (2010: R47 million) and the various other
sugar and downstream activities of R172 million (2010: R155 million). Profit
from the starch operations amounts to R167 million (2010: R125 million) and
profit from the land conversion and development operations is R62 million (2010:
R97 million). A net charge of R39 million is reflected on the centrally
accounted and consolidation items (2010: a net gain of R73 million).
Total net profit, before minority interests, is expected to be R597 million
for the six months to 30 September 2011 (2010: R552 million). Headline earnings
are expected to be R501 million for the half-year, compared to the R507 million
earned in the same period last year. Headline earnings per share for the
half-year are expected to be 474 cents per share (six months to September
2010: 482 cents per share).
Tongaat Hulett`s total sugar production for the 2011/12 year is expected to
increase by some 14% above the 1 million tons produced in 2010/11, with more
than 80% of the season`s cane having been milled by the end of October 2011.
In South Africa, sugar production is expected to be some 8% above that of
last year. The gap between the hectares under cane and the hectares milled is
unusually large, inter alia, as a result of the significant cane root planting
following last year`s drought and the 15 months required to first harvest.
Sugar production for the year in Zimbabwe is expected to be 10% above last year
and in Mozambique should increase by some 45%.
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 2011 are scheduled for
release on Monday, 14 November 2011.
Tongaat
4 November 2011
Sponsor
INVESTEC BANK LIMITED
Date: 04/11/2011 07:05:01 Produced by the JSE SENS Department.
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