December 4, 2008

Senwes Ltd, a South African company that stores and markets corn, reported that its first 6 months profits rose by 76 percent as grain supplies increased.

In the company's financial statement, net income rose to ZAR172 million (US$7.06 million), or 95.1 cents a share, in the 6 months to October 31, from 98 million ZAR, or 54.8 cents, a year earlier.

Profits in the second half won't match the first 6 months of the year, which is better because corn is harvested during this period, Senwes reported.

South Africa, the biggest corn producer in Africa, reaped its largest crop since 1983 this year, bolstered by favourable weather conditions, the South African Agriculture Ministry said on November 27.

US$1.00 = 10.1180 ZAR (Dec 4)