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South Africa's Tongaat posts narrower annual headline loss

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12/10/2019 | 03:17am EST
FILE PHOTO: Power lines supplying electricity by stated owned Eskom run through sugar cane fields on a Tongaat Hulett farm in Shongweni

Tongaat Hulett reported a narrower headline annual loss on Tuesday, as the scandal-hit South African sugar producer issued a much-delayed earnings report that revealed the impact of accounting fraud and corporate governance failures.

Tongaat, which has operations in South Africa, Mozambique and Zimbabwe, said headline loss per share came in at 823 cents in the year ended March 31 compared with a loss of 861 cents in the restated 2018 figures.

The agriculture and agri-processing firm, which produces a range of sugarcane and maize-based products, delayed the results after a financial review revealed certain accounting practices that needed to be re-examined.

(Reporting by Nqobile Dludla; editing by Olivia Kumwenda-Mtambo)

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -0.06% 527.27 Delayed Quote.-1.83%
DOW JONES SOUTH AFRICA(ZAR) 0.11% 1823.55 Delayed Quote.0.96%
LONDON SUGAR -4.01% 407.2 End-of-day quote.13.21%
S&P AFRICA 40 INDEX -0.28% 164.98 Delayed Quote.-4.43%
TONGAAT HULETT LIMITED 2.50% 4.1 End-of-day quote.-68.96%
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