Jun 19, 2014 - The net profit of Brazilian sugar and ethanol producer Sao Martinho (BVMF:SMTO3) dropped 50% year-on-year to BRL 6.4 million (USD 2.9m/EUR 2.1m) in the last quarter of the 2013/2014 crop year ending on March 31.
The decrease reflects non-recurrent expenses linked to the acquisition of the Santa Cruz mill and higher financial costs, the company said in a report on Monday.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) went up 2.1% to BRL 147.5 million.
In full 2013/2014, Sao Martinho's net profit jumped 85.1% to BRL 135 million amid increased ethanol and power sales and better ethanol prices.
In the current crop year, the group expects to process 19.6 million tonnes of cane, up 26%, and to produce 1.35 million tonnes of sugar and 740 million litres of ethanol, with an increase of 37.25% and 15.8%, respectively. Power output expected to surge 49% to 663 GWh.
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