SAO PAULO, June 21 (Reuters) - Brazilian sugar firm Copersucar reported on Wednesday a profit of 254 million reais ($76 million) for the crop year 2016/17, versus 32 million reais a year earlier, due to higher sugar prices and larger sales from subsidiary Eco-Energy and the joint venture Alvean.
Copersucar, a cooperative formed by 23 sugar and ethanol companies in Brazil, ended the 2016/17 cane crop year with total revenues of 28.3 billion reais, 7.6 percent more than in the previous season.
“We had a small fall on cane crushing volume, but better prices for sugar and ethanol on average in the crop, which boosted margins,” said the company in the earnings report.
Associated mills in Brazil crushed 87 million tonnes of cane in the crop ended in March, 2.5 percent less than in the previous season. Copersucar sold 5.3 million tonnes of sugar, 3.6 percent less than in 2015/16, and 4.2 billion liters of ethanol, 16 percent less.
But the company said larger selling volumes in its wholly-owned subsidiary Eco-Energy Biofuels in the United States and in the 50-50 joint venture with Cargill, the world’s largest sugar trader Alvean, helped its results.
It said Alvean traded 12.1 million tonnes of sugar in the period, 5.2 percent more than in the previous crop year, giving the joint venture a 26 percent share of the global raw sugar trade.
Eco-Energy increased its ethanol sales in the U.S. by 4.5 percent in 2016/17, to 9.2 billion liters. Copersucar said its subsidiary now holds a 16 percent share of the American market for the biofuel.
$1 = 3.32 reais Reporting by Marcelo Teixeira; Editing by Bernard Orr