Suedzucker quarterly profits surge over 230%
Europe's largest sugar producer Suedzucker (SZUG.DE) on Thursday posted a rise of about 230% in quarterly earnings and confirmed increased profit forecasts for its new fiscal year despite the impact of the war in Ukraine.
It is reported by Reuters.
Suedzucker said operating profits in the first quarter of its new 2022/23 year starting on March 1 rose to some 163 million euros ($166.23 million) from 49 million euros in last year's first quarter.
The result was driven by good results from the sugar, starch, and fruit sectors and Suedzucker unit CropEnergies (CE2G.DE), which produces the green fuel bioethanol, which has benefited from higher energy prices, the company said.
The company confirmed it expects full year 2022/23 operating profits of 400 to 500 million euros from 332 million in the previous year.
Suedzucker had made partial advance releases of the figures in April and June.