HAMBURG, Sept 15 (Reuters) - Suedzucker, Europe's
largest sugar producer, said on Wednesday its second quarter
operating profits and sales rose strongly as its core sugar
business improved its performance.
In an advance earnings release, Suedzucker reported a 25%
increase in group operating profits for the three months to the
end of August to about 85 million euros ($100 million). Sales
rose 10% to 1.84 billion euros.
The sugar business posted quarterly operating profits of
about 7 million euros against a loss of 42 million euros in the
same period last year.
Suedzucker had said in July it hoped its results would
improve on expectations the economic impact of the pandemic
"We have achieved an improvement in the sugar sector partly
because of our cost cutting and improved sugar prices, a
Suedzucker spokesman told Reuters.
We said at the beginning of the current financial year that
we hoped to achieve operating profits in our sugar sector of
between zero to 100 million euros and this remains our
The overall sugar market outlook is still uncertain because
of the pandemic. But we are hoping that more progress will be
made in combating the pandemic in coming months.
Sugar futures hit their highest in over four years in August
on fears of a reduced crop in Brazil.
The company repeated its forecast for group operating
profits in its 2021/22 fiscal year of between 300 and 400
million euros against 236 million in the previous year.
"Despite expected decreasing effects from the corona
pandemic, there are still risks linked to the pandemic in
business year 2021/22," it said. "The respective economic and
financial impact and duration is still difficult to assess."
Suedzuckers full quarterly results will be released on Oct.
(Reporting by Michael Hogan Editing by Mark Potter)