Tongaat Hulett Limited
Registration No: 1892/000610/06
JSE share code: TON
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 severe drought in the current season. Sugar realisations in this period have not yet reflected the benefits of the recent surge in world sugar prices brought about by supply and demand dynamics. 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 headline earnings increased by 12 to R507 million for the half-year ended 30 September 2010, compared to the R452 million earned in the six months to 30 September 2009. The profit from operations for the half-year grew by 10 to R963 million from the R873 million earned in the same period in 2009.