Suedzucker quarterly results better despite weak sugar price

CropEnergies AG

14/01/2020 06:10

HAMBURG, Jan 14 (Reuters) - Suedzucker  SZUG.DE , Europe's
largest sugar refiner, on Tuesday confirmed an improvement in
quarterly earnings as stronger bioethanol demand helped offset
the burden of weak sugar prices.
    The company confirmed an operating profit of 39 million
euros ($43.43 million) in the third quarter to end-November 2019
in its 2019/20 fiscal year against an operating loss of 23
million euros in the same year-ago period.
    The company had made an advance release of its quarterly
figures on Dec. 18.  urn:newsml:reuters.com:*:nASN0001BY
    Suedzucker reaffirmed its December forecast for full year
2019/20 consolidated group operating profits of between 70
million and 130 million euros against 27 million euros in the
previous year.
    But low sugar prices mean it still expects a full year
operating loss in its sugar sector of between 200 to 260 million
euros against a loss of 239 million euros on the previous year.
    The expected improvement in group results was largely due to
strong performances by its non-sugar sectors bioethanol and
special products, which range from pizzas to starch, with the
green fuel unit Cropenergies  CE2G.DE  performing especially
well, it said.  urn:newsml:reuters.com:*:nFWN29G1ER

($1 = 0.8981 euros)

 (Reporting by Michael Hogan
Editing by Michelle Martin)
 ((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54;
Reuters Messaging:
michael.hogan.thomsonreuters.com@reuters.net))