September 4, 2018 / 12:59 PM / 21 days ago

Itaú BBA says 18 Brazil cane processors not making enough cash to maintain operations

SAO PAULO, Sept 4 (Reuters) - Brazilian investment bank Itaú BBA estimates that 18 center-south sugar and ethanol companies are not currently generating enough cash to maintain their operations, the bank’s head of agricultural businesses Pedro Fernandes said on Tuesday.

The bank made an evaluation of the financial situation of 75 sugar and ethanol producers in Brazil’s center-south region which represent a total cane processing capacity of 475 million tonnes. It said that another 22 companies are barely managing to generate cash to service debt and keep adequate levels of cane field renovation. (Reporting by Marcelo Teixeira)

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