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Tongaat down, sees lower earnings

By Reuters Time of article published Nov 4, 2013

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Johannesburg - Shares of sugar producer Tongaat Hulett slide in early trade after the sugar producer says its half-year performance will be slightly below that of a year ago, as sugar prices abroad and more imports at home depressed revenue.

Tongaat says it expects sugar production this season to be the highest in the past 10 years, but says first-half headline earnings per share likely fell by 2 percent to 592 cents.

The miller's shares are down 2.6 percent to 122.99 rand. - Reuters

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