Trading Statement for the year ended 31 March 2018
A reasonable degree of certainty exists that Tongaat Hulett’s operating profit is expected to be at least 15% below the R2,333 billion earned in the year ended 31 March 2017. The South African sugar operations experienced higher than anticipated import volumes into the local market as a result of inadequate duty protection that prevailed for a period. The displaced locally produced sugar was exported in the latter part of the year and was impacted by lower world prices and a stronger currency.
Headline earnings for the year ended 31 March 2018 are expected to reflect a decrease of at least 30% compared to the R982 million reported for the year ended 31 March 2017.
Consequently, earnings per share (“EPS”) and headline earnings per share (“HEPS”) for the year ended 31 March 2018 are both expected to be below 597 cents per share, a reduction of at least 30%, compared to EPS of 854 cents per share and HEPS of 853 cents per share reported for the year ended 31 March 2017.
This trading statement is issued in accordance with paragraph 3.4(b) of the JSE Listings Requirements. The above information has not been reviewed or reported on by Tongaat Hulett’s auditors.
A detailed trading statement will be released in due course.
The audited results for the year ended 31 March 2018 are scheduled for release on Monday, 28 May 2018.