ED&F Man loses on commodities

11 June 1999

ED&F Man loses on commodities

The financial service and agricultural products group ED&F Man suffered losses to its commodities operations but remains committed to staying in the sector.

The group was hit by the combined effects of the economic crises in Asia and Russia and the devaluation in Brazil last year.

Profits in the molasses business had been offset by losses in sugar and alcohol to produce a loss of 20.2m for the year to 21 March compared to profits of 28.3m last time.

The spices and coffee divisions profits fell slightly to 18m, against 18.5m last time.

For the group as a whole, pre-tax profits fell from 119.1m to 108m.