Imperial Sugar Company reported a net loss of $6.5m in the second quarter, compared to a net profit of $4.2m in the prior year period, while net sales were up 5.6%.
Imperial Sugar saw its share price jump to a 52-week high in after hours trading on Wednesday, following better than expected profits in Q2, partly due to higher sugar prices.
Imperial Sugar made a loss of $8.9m in Q1 2011 with results continuing to be impacted by the 2008 explosion at its Port Wentworth refinery, but sales were up 31 percent from the prior year period.
Imperial Sugar is still feeling the financial impact of the explosion at its Port Wentworth, Georgia refinery nearly two years ago, as it reported a $23.8m loss for fiscal 2009.
A three-way joint venture to build a $145m sugar refinery in Gramercy, Louisiana has been finalized by Cargill, the Imperial Sugar Company and Sugar Growers and Refiners (SUGAR).
Imperial Sugar expects to recoup all lost custom once its Port Wentworth refinery returns to full capacity in the fall after an explosion put the plant out of action last February.
Canadian natural ingredients company SunOpta has clinched a deal to
begin construction of a new organic and natural oil refinery in
Colorado in a joint venture with Colorado Mills - in spite of its
financial and legal worries.
British ingredient giant Tate & Lyle yesterday completed the
sale of its Canadian sugar refining business, as the firm makes
another step away from the commodity end of the market.
The world's biggest oilseed processor Bunge this week announced
that it is to expand the oilseed crusher and oil refinery capacity
at one of its plants in Canada.
