(SeeNews) - Nov 13, 2013 - Brazilian sugar and ethanol maker Sao Martinho (SAO:SMTO3) announced a record-high net profit of BRL 60.9 million (USD 26.1m/EUR 19.4m) for the second quarter of the fiscal year ending March 2014, a rise of 20.5% year-on-year.<br /> According to CEO Fabio Venturelli, the result was pushed by the increased sugar cane crushing and the lower production costs in the period.<br /> Despite the lower sugar prices and the smaller sugar sales, Sao Martinho registered an annual growth of 12.4% in its net revenue, to BRL 614.4 million.<br /> The company's anhydrous ethanol sales ballooned by 120%, while hydrous ethanol sales went up by 67.5% in the period.<br /> Earnings before interest, tax, depreciation and amortisation (EBITDA) inched up 0.7% in annual terms to BRL 239.9 million, while EBITDA margin went down by 4.5 percentage points to 39.1%.<br /> In full 2013/14, Sao Martinho projects to process 15.3 million tonnes of cane and produce 996,000 tonnes of sugar. The company's anhydrous ethanol production is seen to be 419 million litres (92.2 million gallons), while hydrous ethanol output is seen to hit 225 million litres.<br /> (BRL 1.0 = USD 0.429/EUR 0.319)
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