SENS

04-11-2011

Trading Statement for the half-year to 30 September 2011


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 Hulettís 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 Hulettís 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 seasonís 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 yearís 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