Sao Martinho's Sugar-Ethanol Profits Drop 50%

Posted by Michelle Howard
Tuesday, June 17, 2014

Net profit at Sao Martinho SA , one of Brazil's biggest sugar and ethanol groups, was 6.4 million reais ($2.9 million) in the quarter ended March 31, down 50 percent from the year-earlier period, the company said in a filing on Monday night.

The results for the final financial quarter of the company's 2013/14 cane crop season were hurt by the acquisition of Boa Vista milling assets formerly controlled by Biosev, a local sugar and ethanol unit of global commodities company Louis Dreyfus.

The company's debt to EBITDA ratio remained stable in the quarter at 2.02, roughly the same as a year earlier and in the previous quarter. Net revenue was up 3 percent from the year-before quarter at 320.3 million reais.

For the year, Sao Martinho posted a record net profit of 135 million reais, up 85 percent from the previous year. Brazil's main center-south cane region is coming off crushing a record 596 million tonne crop.

The performance of milling groups in the current season will likely be hurt by a drought early this year. The cane crush, which was forecast at 600 million to 620 million tonnes in December, is now more likely come in at 580 million to 570 million tonnes, according to market forecasts.

The company, whose shareholders include the state-run oil company Petrobras, crushed 15.6 million tonnes of cane in the past season, up 21 percent from the previous year.

Brazilian cane milling groups have been struggling over the past two to three years to generate consistent profits as margins for sugar and ethanol sales continue to be weak, largely due to global overproduction of sugar and price controls on automobile fuels in Brazil.

(Reporting by Reese Ewing; Editing by Peter Galloway)

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

MES Delivers Bulk Carrier STH Athens

Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 60,000 dwt type bulk carrier M.V. STH Athens (MES Hull No. 1898) at its Chiba Works on August 27,

Break Bulk in Rotterdam on the Way Up

The opening of a new break bulk terminal is one of the many developments and investments in the break bulk sector in the port of Rotterdam; a sector that has

Finance

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Energy

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

News

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.7929 sec (1 req/sec)