Tate & Lyle Fiscal Year Profit Slips

U.K. company Tate & Lyle PLC (ADR) TATYY reported a drop in its pretax profit for the year to March 31. Tate & Lyle's pretax profit for the year slipped to 51 million pounds ($78.3 million), compared to GBP277 million, in the year-ago period. Its adjusted pretax profit declined 30 percent to GBP224 million. Adjusted EPS from continuing operations slipped to 37.7 pence, versus 55.7 pence, a year earlier. Its revenue slipped 15 percent to GBP2.36 billion. Adjusted sales in Speciality Food Ingredients declined 8 percent, while adjusted sales in Bulk Ingredients dropped 17 percent. Tate & Lyle's board proposed a final dividend of 19.8 pence per share. Chief Executive Javed Ahmed said, "It has been a very challenging year for the Group, but with the necessary actions underway we are firmly focused on improving our performance" Tate & Lyle gained 0.41 percent to close at $37.02 yesterday.