PARIS, June 9 (Reuters) - French sugar and ethanol maker Tereos posted a 90 percent drop in net profit in 2014/2015, hit by a sharp drop in sugar and ethanol prices, it said on Tuesday.
Tereos, the world’s third largest sugar group, said net profit in the year to March 31 fallen to 17.3 mln euros. Sales fell to 4.3 billion euros in 2014/15, down from 4.7 billion euros in 2013/14, it said in a statement.
European sugar prices have fallen sharply in the past year, hurting producers and refiners, due to higher imports cleared by the European Union and plans to dismantle the EU’s sugar output quotas in 2017 boosting price volatility. (Reporting by Sybille de La Hamaide; editing by David Clarke)