Transmara Sugar owner reports 88pc jump in profit

Workers harvest sugarcane: Alteo is the largest sugar miller on the Indian Ocean island. PHOTO | FILE 

Mauritius sugar producer Alteo Ltd posted an 88 per cent jump in its first-quarter pre-tax profit to $20.04 million (Sh2.04 billion), helped by larger sales volumes and improved sugar prices.

Alteo, the largest sugar miller on the Indian Ocean island with interests in property development and hotels, said on Monday that earnings were also boosted by gains on disposal of land amounting to 47 million rupees (Sh133.4 million).

Group revenue rose to 2.64 billion rupees (Sh7.5 billion) from 1.99 billion rupees (Sh5.6 billion) a year earlier, while earnings per share increased to 0.93 rupees (Sh2.64) from 0.39 rupees (Sh1.11).

Alteo, which is also present in Tanzania and Kenya, said it expected better results from these operations in the second quarter.