Europe's largest sugar refiner, Südzucker, has confirmed its consolidated group outlook for fiscal year 2020/21 backed by a significant improvement in earnings in the first quarter.
However, it has also cautioned that the outlook could still be affected by the uncertainty surrounding the ongoing coronavirus pandemic.
Consolidated group revenue for the first quarter ended 31 May amounted to €1.7 billion.
Operating profit for the period increased to €61 million from €47 million in the same period last year.
The company’s sugar and special product segments reported a significant increase in earnings, while CropEnergies and fruit segments saw lower earnings.
The sugar refiner is scheduled to publish its first-quarter report on 9 July.
Südzucker has projected consolidated group revenues between €6.9 to €7.2 billion in its financial year 2020/21.
In April of this year, the company said it expects operating profit to rise between €300 million to €400 million in its current financial year.