Tongaat Hulett Limited operating profit is expected to be ZAR 530 million, which is 64% below the ZAR 1,471 billion recorded in the six months ended 30 September 2017. The decline in operating profit is largely attributable to land transactions that were not concluded by 30 September 2018. Furthermore, local market conditions in the South African and Mozambique sugar operations negatively impacted on both revenue and cane valuations which reduced operating profit. A headline loss of ZAR 87 million is expected for the six months ended 30 September 2018, a decrease of 113% compared to headline earnings of ZAR 661 million reported for the comparative period. Consequently, a headline loss per share of 74 cents is expected for the six months ended 30 September 2018, a reduction of 113% compared to headline earnings per share of 574 cents reported for the comparative period. A loss per share of 94 cents is expected for the six months ended 30 September 2018, a reduction of 115% compared to earnings per share of 629 cents reported for the comparative period.