Suedzucker earnings slump 45% on high costs, low sugar prices
Europe's largest sugar producer Suedzucker posted a 45% fall in quarterly earnings as it was hit by higher costs and lower sugar prices.
It is reported by Reuters.
Suedzucker reported operating profit in the first quarter to May 31 of its 2024/25 fiscal year of 155 million euros ($167.93 million), down from 282 million euros in the same quarter last year.
The sugar, CropEnergies biofuel and starch segments all recorded a decline in earnings, it said.
Suedzucker warned in May that high costs ranging from energy, raw materials, logistics to packaging combined with weak sugar markets would cause a fall in first quarter earnings. The company warned on Wednesday that its second quarter earnings would also decline.