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Illovo Sugar fiscal H1 profit falls YOY

Illovo Sugar Ltd. said its normalized net income for the fiscal first half ended Sept. 30 was 1.38 rand per share, a decrease of 8.6% from 1.50 rand per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 633.7 million rand, a decline of 8.6% from 693.0 million rand in the prior-year period.

Total revenue declined 4.9% on an annual basis to 5.93 billion rand from 6.24 billion rand, and total operating expenses decreased year over year to 4.54 billion rand from 4.61 billion rand.

Reported net income declined 10.1% from the prior-year period to 789.0 million rand, or 1.71 rand per share, from 878.0 million rand, or 1.91 rand per share.

As of Dec. 1, US$1 was equivalent to 11.00 rand.