/ 9 November 2000

ILLOVO’S EARNINGS TURN SOUR

SOUTH Africa’s largest sugar producer Illovo Sugar has posted a 27% drop in interim headline earnings per share and said it expected a 30% fall in full-year earnings per share. It blamed the fall in headline earnings per share, which strip out exceptional items and their tax effect, to 31.5 cents from 43.4 cents previously on an increased number of shares in issue after the acquisition of US Monitor Sugar. The company said a low domestic sugar price, high US fuel costs, the effect of a weak euro on export revenues from operations in Malawi and Mauritius and increased finance costs meant Illovo expected to post full year headline earnings per share 30% lower than those for the previous year. – Reuters