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Grain trader Nidera posts net loss due to biofuel troubles

Jun 30, 2016 at 10:17 AM CST

Dutch-based grain merchant Nidera, controlled by China's state-run trading giant COFCO , said it made a net loss last year due to problems at its former biofuel trading business.

The irregularities, which it disclosed last year, led to a total pre-tax loss of $238 million, or a net loss of $188 million, booked over three years, Nidera said in a statement to the Dutch Chamber of Commerce.

Nidera, which said it was changing its reporting period to align with that of COFCO, reported a group net loss of $135 million for the 15 months to Dec. 31, 2015.

On a 12-month basis, it posted a pro-forma net loss of $75 million for January-December last year, compared with a $43 million net profit for the October 2013-September 2014 period under its previous reporting calendar.