Tongaat Hulett posts smaller interim loss
JOHANNESBURG – Scandal-hit South African sugar producer Tongaat Hulett Ltd reported a smaller half-year interim loss on Friday, with improved performance in Zimbabwe and Mozambique offsetting subdued sales in its home market.
Tongaat said in November a PwC probe found that certain senior executives overstated profits and certain assets by using “undesirable accounting practices”, prompting the agriculture and agri-processing company to restate its 2018 financials.
Headline loss per share for the first six months ended Sept. 30 came in at 235 cents, compared with a loss of 322 cents in the restated figures for the same period a year earlier. Revenue fell 1.5% to 8.085 billion rand ($564.10 million).
Source: iol.co.za
