Mauritius sugar producer Alteo, which controls a 51 per cent stake in Transmara Sugar
yesterday
said pretax profit rose 116 per cent to about Sh3.98 billion (1.36 billion rupees or $38.42 million) in the six months to December 31. The increased earnings were helped by higher sales and favourable prices.
Alteo is the largest sugar miller on the Indian Ocean island. It also has interests in property development and hotels.
In a statement, the firm said "enhanced production capacities in Tanzania and Kenya and higher sucrose levels in Tanzania and Mauritius" led to increased sales.
Alteo said group revenue rose to 5.57 billion rupees from 3.98 billion a year earlier. Earnings per share rose to 1.41 rupees from 0.47 rupees.
The company said its Kenyan and Tanzanian operations should continue to show improving results in the third quarter as they will further benefit from above average cane yields and improving sucrose levels in Tanzania and relatively high prices in East African markets.
