Brazil's Copersucar posts larger profit, cuts sugar sales
Updates with earnings details, context
SAO PAULO, June 17 (Reuters) - Brazil's Copersucar SA, the world's largest sugar and ethanol merchant, posted a net profit of 178 million reais ($45.72 million) for the 2018/19 crop from April through March, up 20% from the previous year, as it sharply reduced sugar sales and boosted ethanol volumes.
Revenue for Copersucar, a partner with Cargill Inc CARG.UL in the world's largest sugar trader Alvean, increased slightly from the previous crop to 28.7 billion reais, it said in a statement released on Monday.
The company moved 3.8 million tonnes of sugar in the season that ended in March versus 4.5 million tonnes in the previous crop year, as its associated mills reduced the amount of cane allocated to sugar production and increased ethanol output, which gave them larger returns.
Copersucar sold 4.8 billion liters of ethanol in the 2018/19 season versus 4.3 billion liters previously. It exported 700 million liters, a similar amount to what was reported in the previous season.
The Brazilian company said its subsidiary in the United States, ethanol trader Eco-Energy, moved 9 billion liters of ethanol in 2018/19, but it did not provide comparative data.
Copersucar said its associated mills allocated 67.7% of the cane harvested in the 2018/19 season to ethanol production versus 57.6% that had been used in the previous crop year. The company did not release projections for the new crop that is already underway in Brazil's center-south region.
($1 = 3.8935 reais)
(Reporting by Marcelo Teixeira; Editing by Jeffrey Benkoe)
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