Illovo Sugar (Malawi) has singled out Cyclone Freddy that hit the country last March as a heavy blow that has impacted the firm’s sugar output resulting in scarcity of the product on the market.
Illovo sugar plc country’s managing director Lekani Katandula has made the sentiment in Blantyre this morning at Illovo Sugar (Malawi) plc Investors’ Forum Day.
According Katandula the Malawi Stock Exchange-listed sugar manufacturer’s exports have also dropped over the past two years, resulting in “accumulated forex liabilities”.
“Our forex generations is weaker than normal due to lower production,” he says.
But Katandula says the firm hopes to bounce back as quickly as possible.
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