GERMANY: Suedzucker Q1 earnings down by half on low sugar prices
Published: 07/12/2018, 5:26:22 PM
Suedzucker, Europe's largest sugar refiner, on Thursday said a slump in sugar prices caused a 49.3% drop in operating profits in the first quarter of its new financial year, according to Reuters.
Suedzucker's operating profit for March to end-May fell to EUR78 million (US$91.1 million) against EUR153 million last year. Sales fell to EUR1.741 billion against EUR1.783 billion last year.
"The decline was driven mainly by the predicted significantly weaker sugar segment growth," it said.
The company repeated it expects full year 2018/19 group sales of EUR6.8 billion to EUR7.1 billion with operating result falling considerably to EUR100 million to EUR200 million against EUR445 million in 2017/18.