Imperial Sugar Company, a sugar producer and marketer based in Sugar Land, Texas, has reported a net loss of $10m in the first half of fiscal 2012, compared to a net loss of $4.8m in the same period of fiscal 2011.
Imperial Sugar Company, a sugar producer and marketer based in Sugar Land, Texas, has reported a net loss of $10m in the first quarter of fiscal 2012, compared to a net loss of $4.8m in the same quarter of fiscal 2011.
The company’s net sales for the six months of 2012 were $430.7m, compared to $419.6m during the correspoding quarter a year ago.
The pure cane sugar and sweetners company attributed the rise in its net sales during the period to higher domestic sugar prices.
The company said that its sales volumes for H1 2012 were reduced from the same period last year due to the contribution of the Gramercy refinery to Louisiana Sugar Refining in January 2011.
Gross margin as a percent of sales for the six-month period was 2.2%, compared to 1.6% for the same six-month period in fiscal 2011.
For the second quarter ended 31 March 2012, the company noted a net loss of $6.5mcompared to net income of $4.2m for the second quarter of fiscal 2011.
The company’s net sales for the quarter of 2012 were $203m, compared to $192.2m for the same three-month period last year, contributed by a 10.5% rise in domestic sugar prices, which more than offset a 2.4% fall in domestic sales volumes.
Imperial Sugar Company is one of the major processors and marketers of refined sugar in the US to food manufacturers, retail grocers and foodservice distributors.
The company markets products across the country under the Imperial, Dixie Crystals and Holly brands.
In April 2012, Imperial Sugar Company sold its its 50% interest in Wholesome Sweeteners, an affiliate of Arlon Group, a private investment group focused on food and agriculture.
Formed in 2001 as a 50/50 joint venture between Imperial and Edward Billington and Son, Wholesome Sweeteners is a provider of organic and fair trade certified sweeteners in North America.