BIOSEV UPBEAT ON 2019 SUGAR PRICES

摘要

Biosev SA, the sugar and ethanol maker controlled by commodities trader Louis Dreyfus, said its loss in the 2018/19 cane season through December rose by around 8% from the previous season to BRL892.6 mln (USD240.40 mln). It reported a loss of BRL230.5 mln in the third quarter ended in December, mostly due to the depreciation of the Brazilian currency. The loss was 17% smaller than in the same period a year earlier. Almost 90% of Biosev's BRL5.94 bln in debt is dollar denominated. The company said the currency fluctuations have a non-cash effect, since the majority of the debt matures between 2021 and 2023, when the company plans to have enough cash to pay. Juan José Blanchard, Biosev's CEO, told Reuters that the company's performance in the quarter was positive, considering the challenging scenario of smaller cane crushing after a drought earlier in the year and low global sugar prices.