Transmara Sugar lifts revenues for Mauritian miller Alteo
Workers harvest sugarcane: Revenues for Mauritius' largest sugar miller was helped by higher income from its Kenyan arm. PHOTO | FILE
What you need to know:
Alteo acquired a controlling stake in Transmara Sugar last year.
Mauritian sugar producer Alteo on Friday reported a 23 per cent fall in annual pretax profit to Sh3.5 billion ($34.89 million), citing higher finance costs and adjustments for non-recurrent gains.
The Indian Ocean island nation's largest sugar miller said revenue rose to Sh22.3 billion (7.85 billion rupees) from Sh19.2 billion (6.73 billion rupees), helped by higher revenue from its Kenyan arm, Transmara Sugar Company Ltd (TSCL).
Earnings per share fell to 0.83 rupees (Sh2.36) from 2.17 rupees (Sh6.18).
"Our growing and milling operations in Mauritius are expected to benefit from a reasonable sugar cane crop but might be affected by a relatively low extraction rate. An improved EU sugar market is likely to translate into better prices," the firm said in a statement.
Alteo said it also expects strong results from its Tanzanian operations with above average cane yields and higher international market prices.
In Kenya it is expected to reap the full year benefit of a factory capacity expansion and improved domestic prices.
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