BRAZIL: CTC's net profit increases 14% in 2017/18
Published: 06/27/2018, 5:08:39 PM
Brazil's Cane Technology Centre (CTC) increased its profit by 14.2% in the 2017/18 season, to BRL14.31 million (US$3.89 million), when it obtained approval to sell the world's first transgenic sugarcane variety, according to Brazil's Novacana news website.
More than 250 hectares of CTC's first transgenic cane variety had been planted by the end of the 2017/18 season in March 31, the company said in its earnings report last week.
CTC intends to present other two varieties of genetic modified sugarcane for commercial use in 2018/19, which will be resistant to insects, have greater productivity and require less use of insecticides. This improvements will mean in reduced costs with labor, machinery, fuel and water in the production process.
Most of CTC's revenues currently come from contracts with partner companies, including Raizen, Copersucar, Sao Martinho, Guarani (Tereos), Bunge, Usina Coruripe and Biosev.