Agricultural group Crookes Brothers expects first-half headline earnings per share (HEPS) to drop by up to 84% to about 52.3c.
The drop in HEPS is a result of lower sugar prices and a reduction in sugar cane under crop due to drought, the company said in a statement on Tuesday. The trading update sent the share price down 15% to R56 in late trade on the JSE, though the drop in the share price was on thin volumes.
"The board … cautions against using interim results to project figures for full-year earnings given the seasonality and timing of crop production at half year," the company said.
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