June 3, 2020 / 6:52 AM / a month ago

Sugar group Tereos posts higher 2020 core earnings

PARIS, June 3 (Reuters) - French sugar group Tereos on Wednesday reported a sharp rise in 2020 core earnings helped by growth across all its main units and reduced its net debt.

Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the year ended March 31 surged 52.7% to 420 million euros ($470.8 million).

“In a food sector undergoing profound change, the strategy implemented by Tereos is bearing fruit. Tereos has come out strengthened from the deregulated European sugar sector, showing robust growth results,” CEO Alexis Duval said.

$1 = 0.8921 euros Reporting by Sudip Kar-Gupta; editing by Jason Neely

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