Illovo Sugar Malawi has posted a K32.5 billion pre-tax profit, a drop from K48.6 billion which was recorded during the same time last year.
During an investors meeting in Blantyre, Finance Director Kondwani Msimuko attributed the company’s revenue decline to low production levels and theft of sugarcane, irrigation equipment and other agricultural assets.
Msimuko stressed that these factors also affected their production, hence the sugar scarcity that hit the market earlier this year.
The group sold 107,629 tons of sugar in the first half of the year, down from 111,958 tons in the same period during the previous year.
