SAO PAULO, June 1, 2016 /PRNewswire/ -- Biosev S.A. (BSEV3:BM&FBOVESPA), the world's second-largest sugarcane processor, posted net income of R$50 million in the fourth quarter of 2015/16 crop year, an increase of R$271 million from the same period of the previous crop year. This result marks a second quarterly net income in a row.
Biosev's average yield increased 14.3% in the crop year, to 76.2 tons of cane per hectare, as a result of enhanced management of its sugarcane fields combined with the more intensive use of agricultural technologies.
Crushing volume amounted to 31 million tons, an increase of 9.3% from the prior crop year, while capacity utilization reached 85%, increasing 7.3 percentage points. Both crushing volume and the utilization rate represent the highest levels of the last five seasons. TRS product reached 3.95 million tons, advancing 6.5% from the previous crop year.
Adjusted EBITDA advanced 8% and reached R$1.4 billion, setting a new record for the Company. This result reflects the enhanced operating performance combined with higher prices for sugar and ethanol.
Earnings before taxes turned positive at R$46 million, which compares to a loss of R$669 million in the 2014/15 crop year. In the 2015/16 crop year Biosev recorded a net loss of R$273 million, which was negatively impacted by provisions for income and social contribution taxes.
Biosev ended the 2015/16 crop year with a financial leverage of 2.95x, which is lower than the 3.10x registered at the end of the previous crop, reflecting the growth in adjusted EBITDA in the period and the cash position of R$2.2 billion.
Biosev is the world's second largest sugarcane processor, with 11 agroindustrial units in Brazil. Biosev is controlled by the Louis Dreyfus Group 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 tons/year in 2000 to 36.4 million tons/year today. Biosev manages 348,000 hectares of land and has surplus biomass power generation capacity of 1,346 GWh. Biosev 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).
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SOURCE Biosev S.A.