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Corbion Q3 sales hit by currency effects
October 23, 2013 / 5:33 AM / 4 years ago

Corbion Q3 sales hit by currency effects

AMSTERDAM, Oct 23 (Reuters) - Dutch food ingredients group Corbion on Wednesday said third-quarter sales fell 3 percent to 188.5 million euros ($260 million) as negative currency effects wiped out underlying organic growth.

Corbion, known as CSM before it divested its core bakery business, said it expected sales volumes to continue to grow in the final quarter of 2013, but at lower prices than in 2012.

Overall, sales volumes grew 3.3 percent compared to the same period last year, but this was offset by a negative currency effect of 6.3 per cent.

“The positive underlying volume and EBITDA (earnings before interest, tax, depreciation, and amortisation) trend of our bio-based activities continued,” said CEO Gerard Hoetmer.

CSM agreed in March to sell its struggling bakery unit - which accounted for the bulk of its revenues - to U.S. private equity firm Rhone Capital for 850 million euros. ($1 = 0.7260 euros) (Reporting By Thomas Escritt; Editing by Sara Webb)

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