US sugar refiner Imperial Sugar, which earlier this month agreed to a takeover bid from Louis Dreyfus Commodities, has reported higher half-year losses.
In the six months to the end of March, Imperial Sugar recorded a net loss of US$10m compared to a net loss of $4.8m last year. Imperial said its prior year’s second-quarter results included a $3.6m pre-tax gain related to the contribution of one of its refinery to Louisiana Sugar Refining, a venture in which the company held a stake last May. The firm sold its shares in the venture to partners Cargill and Sugar Growers and Refiners in December.
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The company’s operating losses also widened in the period, to $11.9m from $9m a year earlier.
Net sales, however, climbed 2.6% to $430.7m due to higher domestic sugar prices, which more than offset a 2.4% decrease in domestic sales volumes, the company said yesterday (10 May).
In the second quarter, the company made a net loss of $6.5m, compared to net income of $4.2m in last year’s comparable quarter. The company made an operating loss of $8.1m compared to an operating profit of $11.9m last year.
Sales climbed 5.7% to $203m.
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