Tongaat Hulett’s sweet profit hike

TONGAAT Hulett said yesterday it expected a 40% increase in operating profit, from R1.669 billion to R2.333bn, for the year to the end of March. An agriculture and agri-processing business, Tongaat Hulett’s operations are focused on the complementary feedstocks of sugarcane and maize in six African countries. The company said the improvement was a reflection of better local market prices, more effective import protection dynamics in the countries where it produces sugar and higher prices for exports, particularly into African markets and the European Union. It said the full results would be released later this month. – ANA