French Sugar Group Tereos Posts First-Half Loss, Results Improve
French sugar group Tereos has posted a net loss of €6 million in the six months to September 30, compared to a previous year loss of €21 million.
Tereos, the world's second largest sugar maker in volume, said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to €237 million from €111 million in the first half of 2019/20.
Net debt at the end of September stood at €2.5 billion, down €253 million on year, the group said.
"The results published by Tereos demonstrate the quality of its strategy and the work accomplished by its management team to transform Tereos in depth into an agile and more resilient group while favourably positioning its historic beet business on a newly deregulated market after 50 years of quotas," commented Jean-Charles Lefebvre, chairman of Tereos' supervisory board.
Lefebvre added that during the current campaign, the business faced agronomic issues caused by the 'beet yellows' virus, which has led to a "very substantial" drop in beet yields in France.
"In the face of this unprecedented viral epidemic on the beet culture, we wish to thank the French government officials as well as our legislators and experts for the measures voted to support the French beet growers," he said. "All together we remain very much engaged to develop viable alternative agronomic solutions within the three coming years.”