Illovo sees tougher trading conditions ahead as FY EPS, HEPS decrease
JSE-listed Illovo Sugar has forecast more difficult trading conditions for the 2015/16 financial year in a statement advising shareholders of decreased earnings per share (EPS) and headline earnings per share (HEPS) for the year ended March 31.
The company expected revenue to be further negatively impacted by the recent sharp weakening of the euro, the full year effect of low European Union (EU) prices and persistent low world market prices driven by a weakening Brazilian real.
South African sugar production was also expected to decline as a result of the full impact of the previous season’s drought and frost conditions on the 2015/16 crop.
“However, increased growth in domestic and regional sugar markets and the weaker rand are expected to provide some partial relief from these challenging conditions,” noted the company.
Illovo said a “reasonable degree of certainty” existed that EPS and HEPS for the year ended March 31 would decline between 7% and 12% compared with the previous financial year.
The company attributed the fall mainly to challenging trading conditions in the EU, world and regional markets, and the impact of drought and frost on South African sugar production.
Illovo emphasised that it continued to make strategic investments, which were underpinned by a strong balance sheet and good cash generation.
This financial information had yet to be reviewed and reported on by the company’s auditors, while the company’s results for the year ended March 31 would be published on or about May 25.
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