July 11, 2019 / 5:12 AM / 6 months ago

Suedzucker quarterly earnings slump after sugar price collapse

HAMBURG, July 11 (Reuters) - Suedzucker, Europe’s largest sugar refiner, on Thursday posted a slump in quarterly earnings as the company continued to battle against a collapse in world sugar prices.

The company posted an operating profit of 47 million euros ($53 million) in the first quarter that ran until the end of May in its 2019/20 fiscal year against operating profits of 78 million euros in the same year-ago period.

The sugar sector made an operating loss of 36 million euros against an operating profit of 8 million the same time last year.

“The main reason for this is the historically low sales revenue level in the EU,” it said.

Suedzucker repeated that in the 2019/20 year consolidated group operating result is expected between zero euros to 100 million euros. ($1 = 0.8868 euros) (Reporting by Michael Hogan Editing by Michelle Martin)

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