US: Imperial Sugar widens H1 net loss
- H1 net loss widens
- Operating loss also grows
- Sales climb 2.6% to $430.7m
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.
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.
Click here to view the full earnings release.
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