November 12, 2019 / 9:49 PM / 24 days ago

Dreyfus sugar unit Biosev posts quarterly loss of $73 mln

SAO PAULO, Nov 12 (Reuters) - Biosev SA, the Brazilian sugar and ethanol unit controlled by commodities trader Louis Dreyfus, posted a net loss of 304 million reais ($73.01 million) in the last quarter, 95% larger than a year earlier, the company said on Tuesday.

The company said costs to service its large debt, associated with Brazil’s currency devaluation and smaller sales of sugar, were the main factors behind the larger net loss in the quarter.

Biosev, which is one of the world’s largest cane processors, routinely posts quarterly losses due to its large debt of around 6 billion reais. The company said it paid 338.7 million reais in the quarter to service the debt.

Despite the financial losses, Biosev said there were some positive operational indicators for the quarter, such as a cane crushing increase of 2.7% and a 3.5% gain on agricultural yields, to 83.1 tonnes of cane per hectare. ($1 = 4.1637 reais) (Reporting by Marcelo Teixeira; editing by Jonathan Oatis)

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