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 producer Nordzucker posted an operating profit of € 81 million in the first nine months of its 2020/21 financial year compared with the loss of €9 million over the same period in the previous year.
In the latest trading update, Europe’s largest sugar producer Südzucker reported consolidated revenues increase by €61 million first nine months (March 1 to November 30, 2020) of the of current 2020/21 financial year were €5,089 million compared with previous year’s € 5,028 million.
The sugar-ethanol major, Raízen Energia, a joint venture between Cosan and Shell, produced a drop in profit by 69% to BRL15.6 million (US$2.9 million) in Q2, reported Valor Investe.
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 top European sugar producer Suedzucker recently confirmed an improvement in quarterly earnings bolstered by significantly higher revenues from its ethanol business while losses from its sugar business continued.
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.
A slump in AB Sugar’s profit weighed down its parent company’s (Associated British Food) overall profit over the last 12 months.
Biosev SA, the Brazilian sugar and ethanol unit controlled by commodities trader Louis Dreyfus, posted a net loss of BRL304 million (US$73.01 million) in the last quarter, 95% larger than a year earlier, reported Reuters.