The world’s second-largest sugar producer Tereos recently reported higher third-quarter core earnings on the back of improving sugar prices, but the French company said factors including the coronavirus pandemic and a weak Brazilian real would curb profits in the year ahead.
The sugar and ethanol cooperative Tereos said it had secured a state-guaranteed loan of €230 million (US$269 million), which should help it meet challenges posed by the COVID-19 crisis, reported Reuters.
The sugar group Tereos has managed to navigate through the choppy waters of the market place and returned to profit in 2019/2020. The impact of the Covid-19 pandemic felt in the latter part of the financial year will doubtless be greater next year.
French group Tereos has asked regular suppliers for a 7% price reduction to help it through difficult conditions created by tumbling sugar prices, according to a letter seen by Reuters.
French sugar group Tereos said on 6th February a rebound in sugar prices and strong ethanol demand should help it boost its performance until the year-end after posting improved third-quarter results, although its debt level continued to rise, reported Reuters.
The French sugar group Tereos posted a narrower loss in the first half this year, thanks to an improved second quarter as global prices recovered from a historic low and pointed to a better price outlook for the rest of the year, reported Reuters.
France – Tereos invests €17 million in upgrading Connantre plant’s beet-washing station [Registered]
Tereos is investing €17 million in a new beet-washing station at its largest plant. Scheduled to be operational by 2021, the unit will support processing of 28,000 tonnes of beet a day, compared to 24,000 currently. The current washing station was built in 1975.
France’s largest sugar producer Tereos was confident about next year’s results because of a rebound in prices in Europe, after reporting a tenfold increase in net losses for 2018-2019 on 12th June, reported Reuters.
French sugar group Tereos, which is forecasting falling profit this year due to an industry-wide slump, is reshuffling its management team, including the hiring of a new chief financial officer, reported Reuters.