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Zambia Sugar PLC's (ZSUG.ZM) 2009-10 (April-March) sugar output is expected to reach 350,000 metric tons compared with 192,186 tons produced last season due to plant and farmland expansions, the company said late Monday.
However, this estimate is down from the earlier prediction of 420,000 tons, the company said in a report. It attributed the drop to above normal rains early this year which impacted negatively on sugar production.
Zambia Sugar is a unit of South Africa-based Illovo Sugar Ltd. and the country's largest sugar producer.
The company has just completed implementing a 840 billion kwacha ($170 million) expansion project, which is expected to increase its annual sugar production capacity to 440,000 tons next season. The projects involved a 60% plant expansion as well as the extension of cane plantations into 10,500 hectares of farmland.
According to the company's financial report for the period ending in September, Zambia Sugar has had startup problems after commissioning its second phase of expansions at the Nakambala plant in April. Most of those challenges have now been resolved.
Zambia Sugar has also completed the ZMK253 billion acquisition of the 9,000-hectare Nanga farmlands in Zambia as it seeks to expand further.
The company issued at least 1,465 million new ordinary shares on the Lusaka stock exchange early this year to raise the capital for the Nanga acquisition which was completed in August.
It is seeking to increase sugar exports to the EU markets following new EU sugar market reforms which came into effect in October. Although the new reforms will translate into lower prices of sugar exported to the EU, this will be more than offset by increased market access to the duty-free and quota-free EU market.
-By Nicholas Bariyo, contributing to Dow Jones Newswires; +256 75 2624615;bariyonic@yahoo.co.uk
(END) Dow Jones Newswires
11-03-09 0347ET
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