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Mauritian sugar producer Alteo upbeat on full-year prospects
May 12, 2017 / 9:24 AM / 7 months ago

Mauritian sugar producer Alteo upbeat on full-year prospects

PORT LOUIS, May 12 (Reuters) - Mauritian sugar producer Alteo’s full-year results will be significantly better than last year, helped by a strong performance by its farming business, the company said on Friday after posting a 55 percent third-quarter profit leap.

Pretax profit rose 55 percent year on year to 583.88 million rupees ($16.66 million) in the three months to March 31, driven by higher sales and favourable prices. Group revenue was up 21 percent at 2.34 billion rupees.

“Group results for the year are expected to be significantly better than last year‘s,” the company said, citing strength in agribusiness and sugar, as well as a growing contribution from the group’s East African operations.

Alteo is the largest sugar miller on the Indian Ocean island of Mauritius and also has interests in property development and hotels. ($1 = 35.0500 Mauritius rupees) (Reporting by Jean Paul Arouff; Editing by David Goodman)

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