adminpercent increase as the group met its anticipated overall output for the 2011-2012 year.
Tongaat’s total production for the year ended March 31 rose by 14 percent to 1,15 million tonnes, in line with projections made last year.
Sugar production in Zimbabwe rose to 372 000 tonnes from the previous year’s 333 000 tonnes. Most of the increase came from the Hippo Valley Estates.
The Zimbabwean sugar operations generated a profit of US$84 million, compared with the prior year profit of US$63 million.
The 12 percent increase was second only to Mozambique’s 42 percent output bump, as both countries benefited from improved exports.
“Both the Mozambique and Zimbabwe operations benefited from higher export realisations and domestic prices in line with regional pricing levels,” said Tongaat in a statement.
Tongaat also has operations in South Africa and Swaziland. Output in South Africa went up by 7 percent.
Group revenue for the period under review rose to US$1,4 billion, up 24,8 percent from the previous year.
The company attributed this to the increased sugar production and improved realisations in the regional and European Union sugar markets.
Total profit from the various operations grew 53 percent to US$238 million.
But the company’s headline earnings grew 11 percent to US$106 million, from US$96 million in the previous year.
Headline earnings are the main profit gauge in South Africa.
Tongaat said diluted headline earnings per share for the year to end-March totalled 819,4 cents from 739,6 cents a year ago.
Tongaat also said it expected sugar production to increase by between 12 percent and 25 percent in the 2012/13 season.
Online Reporter