21 January 2018
   
'Zimbabweans mentally ill after Bob horror'
Chamisa, Speaker row over G40 MP purges
ZRP reverses decision to fire top cops
Bennett: Clues sought in chopper crash
EU, UN should observe elections: Pres
ANC agrees to force Pres Zuma out
Africa 'shithole' now tourism trump card
Tsvangirai golden handshake confirmed
MORE NEWS
Buyanga responds to investment call
ZTA targets domestic tourism
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Cricket: ICC clears Zimbabwe's Vitori
Zidane fuels Neymar to Real talk
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 

Hippo valley income up fourfold in H1

22/11/2017 00:00:00
by Source.co.zw
 
 
RELATED STORIES

Hippo Valley Estates on Wednesday said its net profit rose fourfold to $5,6 million in the six months to September from $1,4 million in the comparable period last year. 

This was despite a 12,6 percent decline in revenue to $72,4 million compared to $82,9 million in the comparable period last year due to a late start to the season.

“Sugar production for the period to September 30 amounted 140,174 tons compared to 155,552 tons for the same period last year, a decrease of 10 percent. This was due to late start of the milling season and the resultant lower cane deliveries to the mill over the six month period amounting to 1,081,432 tons compared to 1,165,432 tons delivered in the same period last year, a decrease of 7 percent,” chief executive, Sydney Mtsambiwa said in a statement.

Hippo Valley, a local unit of South African sugar processor Tongaat Hulett, reported a 105 percent increase in operating profit to $8 million from $3,9 million in the same period last year.

Finance costs fell to $1,5 million from $2,3 million in the same period last year.

The company reported a net cash position of $204,000 compared to a net debt position of $12,2 million in the same period last year.

Current dam levels will provide for full irrigation during 2017/18 season,leading to a significant crop recovery by 2018/19.

“Based on a full irrigation regime, the agricultural improvement initiatives and the accelerated planting programme now underway, total industry production is expected to reach between 502,000 and 517,000 tons in 2018/19,” Mtsambiwa said.

The company did not declare a dividend.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker