July 12, 2018 / 5:14 AM / 2 months ago

Suedzucker Q1 earnings almost halve after sugar price slump

HAMBURG, July 12 (Reuters) - Suedzucker, Europe’s largest sugar refiner, on Thursday said a slump in sugar prices caused a 49.3 percent drop in operating profits in the first quarter of its new financial year.

Suedzucker’s operating profit for March to end-May fell to 78 million euros against 153 million euros last year. Sales fell to 1.741 billion euros against 1.783 billion euros 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 6.8 to 7.1 billion euros with operating result falling considerably to 100 to 200 million euros against 445 euros in 2017/18. (Reporting by Michael Hogan and Caroline Copley)

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