BRAZIL: Raízen crushed 47.4 million tonnes of cane in 2017/18
Published: 11/13/2017, 5:03:39 PM
Raízen Energia, Brazilian sugarcane processor controlled by Cosan and Shell, crushed 47.4 million tonnes in the first half of the 2017/18 season, down 1% from the same time last year, reports Sugaronline.
Despite the cumulative decrease in cane grinding for the year, Raízen boosted its cane crush by 10% in the second quarter of the season, to 28.3 million tonnes, positively impacted by favorable dry weather, the company said in its earnings report Friday.
Total Recoverable Sugars (ATR) per hectare reached 10.2 kilos in the season, down 5% from the same period in 2016.
Raízen Energia directed 57% of its sugarcane to produce sugar this season, in line with the sugar mix by the same time last year.
Adjusted EBITDA (earnings before interest, taxes, amortization and depreciation) totaled BRL2.2 billion (US$669 million) in the first half of the season, a 25% increase from the same time last year. From July to September, adjusted EBITDA increased 50% to BRL1.4 billion (US$426 million), year-by-year.
Increased sugar and ethanol sales and higher prices helped to boost Raízen Energia's total net revenue by 26%, to BRL4.1 billion (US$1.25 billion) in the second quarter of the season. From April to September, net revenue totaled BRL7.5 billion (US$2.3 billion), up 24.3% from 2016/17.
Raízen Energia reported a net profit of BRL390.8 million (US$119 million) in the second quarter of the season, compared to BRL302.5 million (US$92 million) in the same period in 2016. In the first six months of the season, net revenue reached BRL194.6 million (US$59.2 million), down 65% from the same time last year.