French Sugar Group Tereos Posts Wider Loss After Price Slump
French sugar group Tereos plunged to a first-half loss of almost €100 million, hit by a steep fall in sugar prices, and said it expected to be in the red across its full financial year for the second year running.
World sugar prices have dropped to their lowest in a decade this year amid a surge in supplies, partly driven by more output from the European Union after it scrapped export and output quotas last year.
Cooperative group Tereos, which last season became the world's second largest sugar maker, said on Tuesday it made a loss of €96 million ($109 million) in the six months to 30 September versus a year-earlier loss of €10 million.
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