August 14, 2019 / 10:22 PM / 3 months ago

Dreyfus sugar unit Biosev quarterly loss narrows on currency, cost cuts

SAO PAULO, Aug 14 (Reuters) - Biosev SA, the Brazilian sugar and ethanol maker controlled by Louis Dreyfus , posted a quarterly loss of 169 million reais ($41.72 million) on Wednesday, 66.7% smaller than a year ago, on positive currency effects as well as cost cuts, the company said.

Biosev said it crushed 10.88 million tonnes of sugarcane in the quarter, 3.4% less than in the same period last year, mostly due to a late start to the harvest. The company reached a record cane allocation to ethanol production for this period, at 66.3%, optimizing installations to produce the biofuel which currently gives larger financial return than sugar. ($1 = 4.0513 Brazilian reais) (Reporting by Marcelo Teixeira, editing by G Crosse)

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