Published: 10 June 2013

TSL is in a good shape and expects to begin to build on platforms it has established, CEO Washington Matsaira told the AGM.

Purchases of contract tobacco at TSL Classic have commenced and the unit was on track to meet budgeted production of 2.5 million kgs. The group was in an advanced stage of discussions with parties for the purchase of green leaf.

TSF was expected to deliver a similar result to F13 with the tobacco crop expected to be between 150 mln-160 mln kgs. "Future interest is growing and prices are strong."

Propak had a strong start and was able to secure good contracts and arrangements with some hessian buyers who had moved away in recent years.

After a very strong performance in 2012, the momentum in Logistics remained. "The immediate outlook is looking good and we are still looking for technical partner."

The Property division had a positive start to the year with the space optimisation project largely complete after refurbishments at TSF, TSL and Propak, which would yield a 15% increase in warehouse space.

The delisting of Chemco was in progress, while cost cutting at Agricura had a positive impact on profitability.

Following its relocation in which there were some disruptions, Cut Rag continued to grow strongly.

Ernst & Young were reappointed auditors with fees of $259 402 approved for the year to October 2012.
- zfn

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