June 12, 2019 / 6:52 AM / 5 days ago

French sugar maker Tereos' financial losses worsen

PARIS, June 12 (Reuters) - Tereos, which last season became the world’s second largest sugar maker, said on Wednesday that its financial losses had worsened over 2018-2019 as it continued to be hit by a slump in prices that prompted an industry-wide crisis in Europe.

Tereos’ annual net losses widened to 242 million euros ($274.3 million) from a 23 million euro loss last year.

The group’s net debt also rose to 2.50 billion euros from 2.35 billion at the end of March last year.

Tereos also said it would buy Italian group ETEA’s 50% stake in Sedalcol France and sell to ETEA its 50% interest in Sedamyl and Sedalcol UK, adding that this deal would help cut its debts.

$1 = 0.8822 euros Reporting by Sybille de la Hamaide; Editing by Sudip Kar-Gupta

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