Tongaat Hulett Limited provided earnings guidance for the six months ended September 30, 2018. For the six months, the company announced that a reasonable degree of certainty exists that the company’s operating profit is expected to be at least 40% below the ZAR 1,471 billion earned in the six months ended 30 September 2017 (comparative period). The decline in the financial results for this period is attributable to the land conversion and development activities and the sugar operations in South Africa and Mozambique. In the land conversion and development activities, none of the major transactions currently under negotiation were concluded by 30 September 2018 and only a few transactions (less than one developable hectare in total) were finalized. In South Africa, the negative impact of imported sugar on local market volumes and pricing experienced during the second half of 2017/18, continued into the first half of 2018/19. The upward adjustment to the import duty in August was followed by an increase in local prices in September. In Mozambique, both local and export revenues were affected by a stronger Metical and lower world sugar prices. Headline earnings for the six months ended 30 September 2018 is expected to reflect a decrease of at least 60% compared to the ZAR 661 million reported for the comparative period. Consequently, headline earnings per share (‘HEPS’) and earnings per share (‘EPS’) for the six months ended 30 September 2018 are expected to be below 230 cents and 252 cents respectively, a reduction of at least 60% when compared to HEPS of 574 cents and EPS of 629 cents reported for the comparative period.