Imperial Holly turns to profits
GREENCORE investment Imperial Holly Corporation increased its profits compared to a loss at the same time last year.
Imperial Holly, the second largest producer of refined sugar in the US, reported profits of $1,496,000 or 11 cents a share for its third quarter ended December 31st, 1996.
Greencore paid over £31 million for a 27 per cent stake in the company last July.
The US group improved its performance after sales prices of refined sugar and by products increased.
However, refined beet sugar sales volumes, which had increased significantly in the first six months were down. This reflected reduced sugar beet acreage supplying two of the company's beet sugar factories.
The third quarter profits were made on revenues of $189.93 million (£117.96 million) The results bring the nine month, or year to date revenue to $583.89 million and profits to $8.573 million or 71 cents a share.