Shree Renuka Sugars, Indian sugar company that also has operations in Brazil, informed the investors on the stock exchange in Mumbai, where it is traded, that in the quarter ended September 30th, it had a net loss of US $ 35.5 million (2.3 billion Indian rupees), a larger loss compared to the same quarter of 2014 (US $ 20.8 million, or 1,291 billion Indian rupees).
The company had a net income 44% lower, in the same comparison, from US $ 147 million (9.6 billion rupees). In the same period, costs rose 39% to US $ 170 million (11 billion rupees), surpassing the revenue.
Sugar was the product whose revenues decreased the most in absolute terms. Revenue from this product retreated 48%, from US $ 84 million to US $ 91 million (5.9 billion rupees). Revenue from cogeneration decreased 30% to US $ 3.2 million (214 million rupees), and ethanol shrank 63.8% to US $ 20.0 million (1.3 billion rupees).
Read more: Renuka files for debt protection in Brazil
Operating income of Shree Renuka Sugars in the quarter was a US $ 12.5 million negative (822 million rupees), compared to operating loss of $ 7.4 million in the same quarter of 2014.
In Brazil, Shree Renuka controls four sugarcane plants, two in São Paulo and two in the Parana. The Brazilian operations filed for bankruptcy protection in October with debts of R $ 3.3 billion.
Shree Renuka Sugars operates 11 units in Brazil and India, with a total annual crushing capacity of 20.7 million tons of sugarcane, and two sugar refinery in India.