Copersucar has US$ 854 million in profits in 2009/10
Valor Econômico
Copersucar S.A., the biggest company selling sugar and alcohol in the country, ended the 2009/10 harvest-year, in March 31, with consolidated gross earnings of R$ 7.92 billion (US$ 4 billion), which meant 50.4% growth. The performance was influenced by increases of 15% in the volumes sold and 30% on the sale prices of sugar and alcohol. The net profit amounted to R$ 1.683 billion (US$ 854.3 million), 38.7% more than in the same period of the last cycle.
Paulo Roberto de Souza, President of Copersucar, explains the performance is in line with the goal set by the company to obtain earnings of nearly R$ 8 billion (US$ 4.4 billion). The crushing of sugar cane in the associated industries grew 9.5%, from 67.6 million tons in the 2008/09 harvest to 74 million tons in the harvest ended March 31. If the total processing is considered, including the crushing equivalent to the volumes purchased from the non-member plants, the increase amounted to 19.1%, from 71.8 million to 85.5 million tons. Souza also highlights a 2% reduction in the commercial and administrative costs, even with the greater volumes sold.
The income intended for the members was 7.1% greater than the prices of the average linear of the Esalq index. They received R$ 31.17 (US$ 17.32) per unicop (50-kilogram sack of sugar equivalent). The average Esalq-based price was R$ 29 (US$ 16.1) per unicop. In the 2009/10 harvest, the company also reduced the net debt from R$ 1.9 billion (US$ 964.5 million) to R$ 1.2 billion (US$ 609.1 million). The cash available at the end of the period was at R$ 754.2 million (US$ 382.8 million), representing an increase of R$ 549.1 million (US$ 278.7 million) compared to the balance of the previous year.