{"id":10761,"date":"2012-05-28T10:13:07","date_gmt":"2012-05-28T08:13:07","guid":{"rendered":"http:\/\/www.myza.co.za\/05\/update-1-illovo-sugar-fy-earnings-up-but-lag-expectations\/"},"modified":"2012-05-28T10:13:07","modified_gmt":"2012-05-28T08:13:07","slug":"update-1-illovo-sugar-fy-earnings-up-but-lag-expectations","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-illovo-sugar-fy-earnings-up-but-lag-expectations\/","title":{"rendered":"UPDATE 1-Illovo Sugar FY earnings up but lag expectations"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* FY diluted headline EPS 132.5 cents vs 112.1 cents<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Lags analysts expectations as sugar output falls<\/p>\n<p> (Adds details)<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> May 28 (Reuters) &#8211; South Africa&#8217;s Illovo Sugar<br \/>\nLtd posted an 18 percent rise in full-year earnings on<br \/>\nMonday helped by cost cuts but the profit slightly lagged<br \/>\nanalysts expectations as sugar output fell.<\/p>\n<p><span><\/span><\/p>\n<p>Illovo, a unit of Associated British Foods, said<br \/>\ndiluted headline earnings per share for the year to the end of<br \/>\nMarch totalled 132.5 cents from 112.1 cents the previous year.<\/p>\n<p><span><\/span><\/p>\n<p>The diluted headline earnings per share number was expected<br \/>\nto come in at 133.037 cents, according to an average estimate of<br \/>\nsix analysts polled by Thomson Reuters.<\/p>\n<p><span><\/span><\/p>\n<p>Headline earnings are the main profit gauge in South Africa<br \/>\nand exclude certain one-off and non trading items.<\/p>\n<p><span><\/span><\/p>\n<p>The company, which is Africa&#8217;s biggest producer of the<br \/>\nsweetener with operations in South Africa, Malawi, Zambia,<br \/>\nSwaziland, Tanzania and Mozambique, said sugar production fell 7<br \/>\npercent to 1.526 million tonnes.<\/p>\n<p><span><\/span><\/p>\n<p>Illovo said the decline in output was due to the impact of a<br \/>\nsecond year of drought in the dry land cane growing areas in<br \/>\nSouth Africa&#8217;s KwaZulu-Natal province.<\/p>\n<p><span><\/span><\/p>\n<p>But the rise in sugar production elsewhere was insufficient<br \/>\nto offset the decline in South Africa, it said.<\/p>\n<p><span><\/span><\/p>\n<p>The company said it expected a new record volume of group<br \/>\ncane production in the current 2012\/13 season.<\/p>\n<p><span><\/span><\/p>\n<p>Illovo shares have gained 5.5 percent so far this year,<br \/>\ncompared with a 3 percent rise in Johannesburg&#8217;s All-share Index<br \/>\n. \t<\/p>\n<p> (Reporting by Olivia Kumwenda; Editing by Ed Stoddard)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* FY diluted headline EPS 132.5 cents vs 112.1 cents * Lags analysts expectations as sugar output falls (Adds details) JOHANNESBURG May 28 (Reuters) &#8211; South Africa&#8217;s Illovo Sugar Ltd posted an 18 percent rise in full-year earnings on Monday helped by cost cuts but the profit slightly lagged analysts expectations as sugar output fell. 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