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Woes extend for pressured state sugar
19 Nov 2003
The ailing Queensland sugar industry continued to deteriorate over the past year due to oversupply from Brazil's expansion and the rising $AUD, the Maryborough Sugar Factory Ltd said on November 18. Chairman Thomas Braddock told the company's AGM that the sustainability of the Maryborough sugar industry is at risk, as is probably the case in some other areas. Maryborough Sugar reported a net loss of $5.55 million for 2002-2003, including a $6 million writedown of mill assets.
In 2002, Mr Braddock said the Queensland sugar industry had slumped into the most serious downturn in its history, but the situation has deteriorated significantly since then.
While the 2003 crushing season is expected to have a throughput of 870,000 tonnes of sugar cane - the second highest amount on record - the market has softened and 2003-2004 prices are expected to fall. In 2002, 764,075 tonnes were harvested.
The Courier-Mail, 19/11/03, page 35.
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