GERMANY: Suedzucker upbeat on post-quota returns
Published: 10/12/2017, 9:48:41 AM
Suedzucker, Europe's largest sugar refiner, on Thursday said high revenues in its sugar and biofuels sectors helped propel a strong rise in second quarter earnings, and the company remained optimistic as the European Union's liberalized sugar market starts, according to Reuters.
Suedzucker confirmed its previous forecast for group operating result in its current 2017/18 financial year of EUR425 million to EUR500 million (US$505-594 million) against EUR426 million in the previous year, especially significant as the EU's radical sugar market de-regulation started in September.
Its operating result in the second quarter to end-August rose 29.6% to EUR128 million and sales were up 7.1% at EUR1.71 billion, Suedzucker said.
Analysts surveyed by Reuters on average forecast quarterly operating result of EUR131 million and sales of EUR1.75 billion.