Profits eroded

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Willoughby's Consolidated, the mining and ranching group, said it expected profits to be eroded substantially by the prolonged drought in Zimbabwe.

The company said figures from its wholly-owned subsidiary, Corsyn, for the three months to 31 December showed substantial falls in production. The board said it believed Willoughby's trading profits for the year ending 30 September would be substantially lower than those for the previous year.