Europe's biggest sugar-producer, Südzucker, has reported an operating profit for the first quarter of €96 million, down from €220 million last year, owing to a plunge in earnings in its core sugar sector.
The company said on Thursday that it anticipates second-quarter profits to be down significantly on last year.
Sales for the first quarter for the 2014-15 fiscal year began 1 March, and fell to €1.77 billion from €1.97 billion. Net earnings were €77 million, down from €168 million, Suedzucker said.
The company still expects, nevertheless, full-year 2014-15 revenue at about €7 billion and to see operating profit falling to about €200 million.
© 2014 European Supermarket Magazine by Peter Donnelly
To sign up to ESM’s weekly e-zine newsletter, send an email with the subject ‘Subscribe ESM news’ to [email protected].