Suedzucker earnings up in its sugar and biofuels sectors
Suedzucker, Europe’s largest sugar refiner, 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.
It is reported be Reuters.
Suedzucker confirmed its previous forecast for group operating result in its current 2017/18 financial year of 425 to 500 million euros ($ 505-594 million) against 426 million euros 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 128 million euros and sales were up 7,1% at 1.71 billion euros, Suedzucker said.
Analysts surveyed on average forecast quarterly operating result of 131 million euros and sales of 1,75 billion euros.