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High sugar earnings boost Suedzucker profits, beats expectations
July 13, 2017 / 5:12 AM / a month ago

High sugar earnings boost Suedzucker profits, beats expectations

HAMBURG, July 13 (Reuters) - Suedzucker, Europe's largest sugar refiner, on Thursday said high revenues in its sugar and biofuels sectors helped propel a strong rise in first quarter earnings, beating analyst forecasts.

Operating profit in the first quarter to end May 2017 rose 39.4 percent to 153 million euros ($174.96 million) and sales rose 10.9 percent to 1.78 billion euros, Suedzucker said.

Analysts surveyed by Reuters on average forecast quarterly operating profit of 143 million euros and sales of 1.77 billion euros.

Suedzucker confirmed its previous forecast that it expected group operating profit in its current 2017/18 financial year to reach 425 to 500 million euros from 426 million euros in the previous year. ($1 = 0.8745 euros) (Reporting by Michael Hogan; Editing by Victoria Bryan)

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