HAMBURG (Reuters) – Suedzucker, Europe’s largest sugar producer, on Thursday confirmed lower first-quarter earnings on the economic fallout from the coronavirus pandemic, but expects profits will rise in its full financial year.
Suedzucker reaffirmed that group operating profit dropped to 49 million euros ($57.79 million) in the first quarter ending May 31 in its 2021/22 year, down from 61 million euros last year.
The result was burdened by its key sugar sector. Higher sugar sales revenues were offset by increased sugar production costs and lower retail sales volumes, it said
Turnover rose to 1.75 billion euros from 1.66 billion last year. The company had made a limited advanced announcement of earnings on June 16.
Suedzucker affirmed that it still expects full-year group operating profits of 300 million to 400 million euros, up from 236 million euros the previous year.
($1 = 0.8479 euros)
(Reporting by Michael Hogan, editing by Riham Alkousaa)
