{"id":879,"date":"2020-12-12T20:35:04","date_gmt":"2020-12-12T20:35:04","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=879"},"modified":"2020-12-12T20:35:04","modified_gmt":"2020-12-12T20:35:04","slug":"tongaat-narrows-half-year-loss-as-turnaround-strategy-pays-off","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/tongaat-narrows-half-year-loss-as-turnaround-strategy-pays-off","title":{"rendered":"Tongaat narrows half-year loss as turnaround strategy pays off"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>JOHANNESBURG – Tongaat Hulett said on Friday interim earnings loss narrowed as its turnaround strategy paid off while strong performances from all its sugar operations helped boost cash generation.<\/p>\n

Tongaat narrowed its headline loss per share for continuing operations for the six months ended Sept. 30 to 4 cents per share from 383 cents last year.<\/p>\n

“The restructuring and reinvigoration of our group over the past two years has permitted us to thrive in this challenging environment, supported by a leaner, fit-for-purpose platform from which to weather the storm,” Tongaat said.<\/p>\n

The agriculture and agri-processing company has sold assets, cut jobs and sought an equity raise to boost cash flow amid high debt levels.<\/p>\n

The financial impact of Covid-19 pandemic on sugar operations was limited, Tongaat said, adding that uncertainty will still linger over the second half of the year.<\/p>\n

Cash generated from operations during the period surged to R1.3 billion ($86.54 million) from an outflow of 615 million rand in the year-ago period, while group revenue rose 37% to 8.2 billion rand.<\/p>\n

Improved cash generation and asset sales have also helped the firm reduce its debt with net borrowings at the end of the period down R1.038 billion to R10.898 billion.<\/p>\n

Tongaat on Wednesday finalised the final sale amount of around R5.260 billion of its starch business to a subsidiary of Barloworld.<\/p>\n

The company said it would continue to review its capital structure as it looks to achieve its remaining debt reduction milestones.<\/p>\n

REUTERS<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. JOHANNESBURG – Tongaat Hulett said on Friday interim earnings loss narrowed as its turnaround strategy paid off while strong performances from all its sugar operations helped boost cash generation. Tongaat narrowed its headline loss per share for continuing operations for the six months ended Sept. 30 to 4 cents per share from […]<\/p>\n","protected":false},"author":84,"featured_media":878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,275],"class_list":["post-879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-south-africa-2"],"yoast_head":"\nTongaat narrows half-year loss as turnaround strategy pays off - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/tongaat-narrows-half-year-loss-as-turnaround-strategy-pays-off\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tongaat narrows half-year loss as turnaround strategy pays off\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. JOHANNESBURG – Tongaat Hulett said on Friday interim earnings loss narrowed as its turnaround strategy paid off while strong performances from all its sugar operations helped boost cash generation. 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