Tongaat posts R1,1 billion loss
SOUTH African sugar producer and land developer, Tongaat Hulett (Tongaat) posted a wider headline loss of just over R1,1 billion on Tuesday for its financial year ending March 31, 2021, compared to a headline loss of R285 million for the prior full-year.
This saw the KwaZulu-Natal based group, which was rocked by an accounting scandal involving former executives just over two years ago, reporting a FY21 headline loss per share of 822 cents (2020: loss of 211 cents).
Tongaat could not declare a dividend yet again as it is still navigating a turnaround strategy and a significant debt burden.
South Africa’s broader Covid-19 economic fallout last year and continued hyperinflation in Zimbabwe did not help the group’s turnaround efforts. – Moneyweb