Malawi delay slows growth

Malawi's delay in signing an economic partnership agreement with the EU had reduced profit levels for Illovo Sugar, chairman Don Macleod said yesterday.

The delay meant the firm could only sell its sugar to regional markets, which are less lucrative when compared with European markets, Macleod said.

Illovo Malawi reported a 20 percent increase in net profit to 6.3 billion Malawi kwacha (R361 million) from a year earlier on higher cane production.