Crookes Brothers profits down on lower sugar cane revenue
Agricultural firm Crookes Brothers said on Wednesday its after-tax profit decreased by 70.5% to R26.4-million in the six months ended September 2017, driven down by a decline in sugar cane revenue in the aftermath of drought.
Crookes however said it expected results for the full year to March 2018 to recover, helped by a firming of deciduous fruit markets and its macadamia and property projects.
"The period under review has been challenging in the wake of the drought and under the prevailing tough economic conditions," the company said, reporting a 33% drop to R115.9-million in operating cash flows.
But the lower half-year profitability was in line with expectations and an expected recovery to normal rainfall in the northern region bode well for the following financial year, it added.
Crookes Brothers is involved in the production of sugar cane, bananas, deciduous fruit and macadamia nuts and has agricultural operations in South Africa's KwaZulu-Natal, Mpumalanga and Western Cape provinces, as well as neighbouring Swaziland, Zambia and Mozambique. It also works in property development.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation