The group attributed the performance to poor growing conditions as a result of low rainfall and restricted irrigation levels
TONGAAT Hullet Zimbabwe operations recorded a 21% decline in revenue in the year to March but when adjusted for stock movements the topline dropped 8.04% to $263 million. According to Tongaat Hullet’s group results, Zimbabwe production was down 7.42% to 412 000t from 445 000t last year.
The group attributed the performance to poor growing conditions as a result of low rainfall and restricted irrigation levels and to a lesser extent electricity unavailability. In addition, export volumes were lower after a drop in the international sugar prices.
“There were both lower export sales volumes and lower export prices. Domestic market sales volume levels have been maintained,” said the group in its results statement. However, the trend on global prices is expected to improve.