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Q3 2015 results review: Weaker volumes behind lukewarm outlook
​Weaker volumes behind lukewarm outlook Significant cuts to our earnings forecasts: Dangote Sugar Refinery's (DSR) Q3 2015 results came in slightly behind our estimates. A negative surprise on the topline was partially offset by opex coming in –15% behind our N1.5bn estimate. Looking ahead, we have made slight cuts to our sales forecast for the year, largely to reflect lower production volumes and persistent distribution challenges. We expect a capacity utilisation rate of around 50% for the...
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