JSE-listed sugar manufacturer Tongaat Hulett expects its earnings for the financial year ended March 31 to be substantially higher than the prior year, mostly owing to a R3.3-billion profit realised on the disposal of its Starch business. Headline earnings, however, will be lower than the prior year owing to the impact of Covid-19 on the ability to conclude land sales in the property business and lower raw sugar production in South Africa, as the lockdown last year delayed both the season start-up and commissioning of a second milling line at the Maidstone sugar mill.
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