Bloomberg News

Swaziland Sugar Profit Increased as Sales Rose, Association Says

October 14, 2011

Oct. 14 (Bloomberg) -- Swaziland Sugar Association said full-year profit increased to 2.8 billion emalangeni ($357 million) in 2010/2011 from 2.6 billion a year earlier.

The increase was due to higher sales, Chief Executive Officer Mike Matsebula said in the association’s annual report, released today. While sugar production dropped to 582,000 tons from 605,600 tons the previous year, sales volume increased because of a drawdown in stocks, the association said.

The biggest customers for Swaziland’s sugar exports were the Southern African Customs Union, which took 48 percent, and the European Union with 44 percent, it said. Swaziland is Africa’s third-largest sugar producer.

--Editors: Ben Holland, Karl Maier.

To contact the reporter on this story: Vuyisile Hlatshwayo in Mbabane, Swaziland at vshlatshwayo@bloomberg.net.

To contact the editor responsible for this story: Gordon Bell at gbell16@bloomberg.net.


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