Sugar producer Tongaat Hulett’s restructuring has gained momentum, following the reduction of its debt.
On Thursday, Tongaat released its interim results for the six months ended 30 September 2021.
The results showed that its debt was down to R6.9 billion from R11.7 billion on 30 September 2020, meaning it had reduced its debt by 41%.
In addition to its debt woes, Tongaat had to contend with the impact of Covid-19, unfavourable weather conditions and hyperinflation in Zimbabwe.Â
The sugar producer said the unrest resulted in a loss of business of about R158 million, due to lost production capacity and cane arson fires.
