Strong sugar prices help Tereos offset high production costs

Reuters

Tuesday, December 6, 2022

French sugar group Tereos reported strong first-half results on Tuesday, including a net profit and a sharp rise in earnings, as high sugar and ethanol prices helped offset an increase in production costs. Tereos, the world's second largest sugar maker by volume, posted a net profit of 133 million euros in the year to Sept. 30, compared with a year-earlier loss of 50 million euros, helped by higher prices that compensated for a sharp rise in energy and raw materials costs. In a presentation to bond holders the group said it expected strong results at its sugar Europe branch to continue in the second half due to higher selling prices reached in its annual fixed-price contracts for B2B sales.

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