Europe's largest sugar refiner Südzucker posted a 2.3% year-on-year decline in consolidated group revenue to €1.7 billion in the first quarter of its financial year.
EBITDA for the period declined by 34% to €138 million from €208 million in 2017.
Divisional Performance
Sales revenues in the group's sugar division dropped 10% to €695 million in the first quarter, while the CropEnergies segment saw an 18% decline in revenues to €176 million.
In its special products division, revenues rose 16% year on year during the quarter to €558 million.
In the fruit division, revenue for the quarter grew moderately to €312 million, from €311 million in 2018.
Outlook
The sugar refiner expects consolidated group revenues in the range of €6.7 billion to €7 billion for this financial year, in line with its forecasts in March.
However, the company also said that it anticipates another operating loss of between €200 million and €300 million in its sugar division.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
