SAO PAULO, Feb. 11, 2016 /PRNewswire/ -- Biosev S.A. (BSEV3:BM&FBOVESPA), the world's second-largest sugarcane processor, ended the third quarter of the 2015/16 crop year with net income of R$163 million, which represents a reversal of R$249 million from the net loss in 3Q15. The company's average cane yield increased 18.2% to 71.1 tons of cane per hectare (TCH), led by the Ribeirao Preto and Mato Grosso do Sul clusters, where TCH improved 26% and 14%, respectively.
Production in terms of total recoverable sugar (TRS) increased 30% to 1 million tons. Crushing volume advanced 37.2% on the same period last year to 7.9 million tons, bringing crushing in the first nine months of the crop year to 28.6 million tons. Crushing operations are still ongoing at mills located in the Northeast, where the season has a different cycle than the Center-South, and in Mato Grosso do Sul, where Biosev operates using a rotation system to optimize equipment availability in accordance with company's maintenance program.
Net revenue grew 64.1% to R$1.7 billion, supported by higher sugar and ethanol sales volumes and by higher sugar and ethanol prices, which rose 33.5% and 19.5%, respectively, in the period. Adjusted EBITDA (earnings before interest, tax, depreciation, amortization adjusted to changes in the fair value of biological assets) in the quarter came to R$437.6 million, advancing 30.8% on 3Q15.
Biosev is the world's second largest sugarcane processor, with 11 industrial units in Brazil. The Company is controlled by the Louis Dreyfus Commodities Holdings group (LDCH) and began operating in the sugar and ethanol industry in 2000, when it acquired its first unit in Brazil. Since then it has built a track record of growth through both acquisitions and expansion projects that have led its crushing capacity to increase from 0.9 million metric tons/year in 2000 to 36.4 million metric tons/year today. Biosev manages 348,000 hectares of land and has surplus biomass power generation capacity of 1,346 GWh. The Company adopts the highest standards of corporate governance and its stock is traded on the Novo Mercado segment of the Sao Paulo Stock Exchange (BM&FBovespa).
SOURCE Biosev S.A.