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

Finance

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Asia-N Europe Container Freight Rates Jumps 60%

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose by 60.4 percent to $879 per 20-foot container (TEU) in the week ended on Friday,

Stena RoRo Charters Three Vessels

Stena RoRo has reached an agreement with the Finnish shipping company Godby Shipping to long-term charter their three RoRo vessels Misida, Misana and Miranda.

Energy

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Research Vessel Heincke: Serving Science for 25 years

7 July 2015. A quarter of a century old, with over 900,000 kilometres (488,842 nautical miles) logged and still on the cutting edge of science and technology:

First Subsea Wet Gas Compressor Installed

After several years of technology development, construction and testing the first subsea wet gas compressor in the world is now installed at the Gullfaks C platform in the North Sea.

News

Indonesia Expects Total to Decide on Mahakam within days

French oil firm Total  will decide how much interest it will retain from 2018 in Indonesia's offshore Mahakam oil and gas block over the next two days, the

Asia-N Europe Container Freight Rates Jumps 60%

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose by 60.4 percent to $879 per 20-foot container (TEU) in the week ended on Friday,

Research Vessel Heincke: Serving Science for 25 years

7 July 2015. A quarter of a century old, with over 900,000 kilometres (488,842 nautical miles) logged and still on the cutting edge of science and technology:

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.1510 sec (7 req/sec)