Omnicane pretax profits fall 6.5pc in 2012

Leading Mauritian sugar producer Omnicane reported a 6.5 percent fall in pretax profit to 540.59 million Mauritius rupees ($17.3 million) in 2012 due to lower refined sugar output but said production would increase this year.

Omnicane said on Friday revenue had dropped to 3.870 billion rupees from 3.952 billion a year earlier.

“Operating profit was down by 17.2 percent compared with 2011, mainly as a result of an 18.3 percent reduction in refined sugar production … and a 11.1 percent drop in sugar cane crop,” the company said in a statement.

Earnings per share fell to 5.86 rupees from 5.88 rupees.

The firm said it expected production of both cane and refined sugar to rise in 2013 based on weather conditions.

Shares in Omnicane closed unchanged at 75 rupees.

The group said its ethanol plant under construction would be operational in August.