SOUTH Africa’s biggest sugar firm Illovo Sugar said on Monday its headline earnings per share for the year ended March 31 had fallen 23% to 67.5 cents, but earnings would show good growth in the coming year. Illovo said it had paid a dividend of 34 cents compared to 48 cents for the previous year. Illovo expected its sugar output to be increased by 250 000 tonnes to 2.2m tonnes in 2001/02 after its acquisition of Zambia Sugar, which would up group cane production by 800 000 tonnes to 5.4m tonnes. “Improved world sugar and downstream product prices and the weaker rand, together with the increased levels of production, are expected to result in good growth in headline earnings being achieved in 2002,” Illovo said in a statement. Illovo’s shares ended 1.59% lower at 620 cents, off a year high of 635 cents touched on April 19 this year. The food sector was up 0.76% in a generally firmer market. – Reuters
–>