Acting Chief Executive Officer (CEO) of Guysuco, Keith Ward, says that although the corporation is still to balance its accounts for 2003 he does not foresee any large profits or losses.

Speaking at a press conference hosted by Minister of Agriculture, Satyadeow Sawh, on Friday, he once again said the corporation's strategic plan for the modernisation of the industry supported the continuance of the Demerara estates.

The future of the estates, which are not as productive as those in Berbice, has been much discussed in recent years and the World Bank has been pressing for their closure.

Ward said for last year a total of 302,379 tonnes of sugar were produced with the first crop yielding 127,961 tonnes and the second crop 174,418 tonnes.

He said extended rainfall during the second crop between May and July crippled cane quality resulting in a decline in production.

"In 2002 we made a small loss after ten years, but last year production went down. We grew the cane, yes, but the quality of the cane due to the extended May-June rain, which went on and on, affected us badly."

For last year, the Demerara estates accounted for 39% of the total output of the industry, while Berbice produced 61 per cent. Ward said climatic conditions and soil types continued to be the intrinsic advantages the Berbice estates had over the Demerara ones, and there was no way to share the advantages between the two areas.

Ward added that of all the estates, Blairmont produced the best cane yields and sugar.

On other matters, Ward disclosed that the corporation was now certified to produce organic sugar and for last year it had produced 150 tonnes. He said they now had to look for markets, noting that in the UK there was great potential.

He added that Demerara Gold packaged sugar was selling well in Caricom markets.

In the context of the recent floods, Ward said Guysuco's drainage systems were reliable especially in Region Four with 18 out of 19 pumps running. He said the floods had not really affected the estates, but the quality of the cane was an issue.

"We did see the damage done last year in the second crop and we would imagine that there would be some amount of damage this crop too," Ward said.

The production target is around 320,000 tonnes and the first crop will start by the end of this month.

Meanwhile, an official said Guysuco was getting 523 euros per tonne for its European shipments which for last year amounted to 165,000 tonnes.

As for the global market, the official said, "People have to understand that sugar is a commodity and there is nothing unique about Guyana's sugar. We have to compete."

The official was adamant that should Guysuco penetrate more Caricom markets the industry's outlook would be better.

Trinidad and Tobago Prime Minister, Patrick Manning recently said Caricom nationals would have to get used to Guyana sugar as their own industries decline.