MANNHEIM (dpa-AFX) - Due to a strong development in the sugar segment, Südzucker expects a significant increase in earnings for the current financial quarter. The SDax-listed company announced in Mannheim on Wednesday that consolidated operating profit for the months of September to November should be significantly higher than the previous year's figure of EUR 220 million. There was not enough time for more optimistic statements about the 2023/24 financial year, but the Executive Board confirmed the known forecast. This was well received on the stock market.
Südzucker shares returned to the profit zone after the news was published, after a forecast reduction by the subsidiary Cropenergies had previously caused price losses. In the morning, the biofuel subsidiary had reduced its outlook due to a sharp drop in ethanol prices. The already announced decline in sales and earnings compared to the previous record year is now likely to be even more pronounced, it said.
Südzucker, on the other hand, expects growth and anticipates consolidated revenues of EUR 10.0 to 10.5 billion for the full 2023/24 financial year (until the end of February). Earnings before interest, taxes, depreciation and amortization are expected to be between EUR 1.3 and 1.4 billion and consolidated operating profit between EUR 0.900 and 1.0 billion./ngu/mis