November 13, 2017 / 6:58 AM / a year ago

Mauritius sugar producer Alteo Q1 pre-tax profit dives 43 pct

PORT LOUIS, Nov 13 (Reuters) - Mauritius sugar producer Alteo Ltd said first-quarter pre-tax profit slumped 43 percent to 410.8 million rupees ($11.99 million) from a year ago, dragged down by a delay in harvest and lower sugarcane availability.

Alteo, the largest sugar miller on the Indian Ocean island with interests in property development and hotels, said on Monday group revenue dropped to 2.08 billion rupees from 2.64 billion rupees a year earlier, while earnings per share declined to 0.41 rupees from 0.93 rupees.

Alteo, which also has a presence in Tanzania and Kenya, said it intends to present a group restructuring plan to its shareholders.

The plan involves the separation of its agricultural and land-holding activities from its investment activities to create a more efficient group structure.

$1 = 34.2500 Mauritius rupees Reporting by Jean Paul Arouff, Editing by Elias Biryabarema and Sherry Jacob-Phillips

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