PARIS Oct 13 French sugar and ethanol maker
Tereos increased its forecast for the 2016/17 financial year on
Thursday as it benefits from a sharp rebound in sugar prices.
The group now expects adjusted earnings before interest,
taxes, depreciation and amortisation (EBITDA) before price
complement at between 560 million euros ($627 million) and 585
million euros, up around 30 percent from the 2015/16 financial
year, it said in a statement.
The previous outlook announced in June 2016 was for adjusted
EBITDA of between 525 and 550 million euros.
"World sugar prices have improved over the past months and
in parallel our plan to improve operational performance
throughout our activities is going well," Tereos' spokesman
ICE raw sugar futures rose to 23.90 cents per lb last
week, their highest level in more than four years. The price of
the sweetener has risen more than 50 percent so far this year.
Tereos, the world's third-largest sugar maker, posted annual
sales of 4.2 billion euros in 2015/16.
The cooperative group gathers 12,000 farmers and processes
sugar beets, cane and cereals.
($1 = 0.8928 euros)
(Reporting by Sybille de La Hamaide; Editing by Alexandra