August 23, 2018 / 2:54 PM / 3 months ago

French sugar group Tereos says Q1 sales hit by price slump

PARIS, Aug 23 (Reuters) -

* French cooperative group Tereos, one of the world’s largest sugar makers, said on Thursday that its sales in the first quarter of its 2018/19 financial year reached 1.059 billion euros ($1.21 billion), down 5.2 pct versus the year-earlier period.

* A 22 percent year-on-year fall in world sugar prices outweighed a 12 percent increase in Tereos’ sugar volumes, it said in a statement.

* Volumes were supported by its European factories working at full capacity following the ending of European Union sugar quotas, it said.

* Adjusted EBITDA for the April-June quarter fell to 84 million euros from 118 million in the year-earlier period. ($1 = 0.8744 euros) (Reporting by Gus Trompiz Editing by Alexandra Hudson)

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