Tongaat warns of hit to profit ahead of results release
Sugar product manufacturer hit by pandemic, lower sugar production, drop in land sales and higher interest
Agriculture group Tongaat Hulett’s profit for the year to end-March is set to take a hit from a combination of reduced land sales due to Covid-19, lower sugar production in SA and higher interest on restructured debt.
Tongaat said headline earnings would be “substantially lower” than in the previous year. Earnings excluded profit from the sale of its starch, Namibia and Eswatini operations. ..