February 9/just-food global news -- Underlying quarterly losses at sugar processor Imperial Sugar have fallen on the back of better sales, boosted by stronger volumes and higher prices for refined sugar.
The company booked a net loss of $8.9 million for the first quarter of its fiscal year, which ended December 31.
A year earlier, Imperial Sugar enjoyed a first-quarter net income of $178.1 million, but that figure was boosted by insurance claims related to the explosion at the company's Port Wentworth facility in 2008. The company also recorded mark-to-market gains of $18.9 million on raw-sugar derivatives.
Without these gains, Imperial Sugar's first-quarter net loss would have been $12.1 million last year.
The narrower loss this year came as net sales climbed 30.8% to $227.4 million, Imperial said. Sales volumes grew 11%, and refined prices increased 18%.
From the February 10, 2011, Prepared Foods' Daily News
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