Mauritius sugar producer Alteo Ltd, which controls a 51 per cent stake in
Transmara Sugar, posted an 88 per cent jump in its first-quarter pretax profit to 721.5
million rupees ($20.04 million or Sh2.03 billion).
The earnings were helped by larger
sales volumes and improved sugar prices, underlining sugar processing is profitable
despite challenges locally.
Alter, the largest sugar miller on the Indian Ocean island
with interests in property development and hotels, yesterday said earnings were also
boosted by gains on disposal of land amounting to 47 million rupees (Sh134.42 million)
Group revenue rose to 2.64 billion rupees (Sh7.55 billion) from 1.99 billion rupees
(Sh5.69 billion) a year earlier, while earnings per share increased to 0.93 rupees from
0.39 rupees. Alteo said it expected better results in the second quarter.