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Transmara Sugar owner Alteo posts whopping Sh2bn profit in six months

A spoon of sugar, Transmara Sugar owners posts Sh2bn profits in 6 months./FILE
A spoon of sugar, Transmara Sugar owners posts Sh2bn profits in 6 months./FILE

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.