Suedzucker’s Q2 earnings fall sharply on lower sugar prices
Suedzucker, Europe’s largest sugar producer, confirmed a 63% drop in quarterly operating profits, reporting €114 million for the second quarter of the 2024/25 fiscal year, down from €310 million in the same period last year. The sharp decline is attributed to weak sugar market conditions, and the company also revised down its full-year earnings forecast. Suedzucker had already issued a warning in September about the deteriorating outlook for its core sugar business, which led to the significant reduction in profits.
HAMBURG, Oct 10 (Reuters) – Europe’s largest sugar producer Suedzucker (SZUG.DE), opens new tab on Thursday confirmed a 63% fall in quarterly operating profits and a cut in full-year earnings forecasts because of weak sugar markets.
Suedzucker reported operating profit in the second quarter to Aug. 31 of its 2024/25 fiscal year of 114 million euros ($124.70 million), down from 310 million euros in the same quarter last year.
Suedzucker had warned in September that its second quarter earnings would decline because of unexpectedly sharp deterioration in market expectations for its core sugar sector.
Source Link : https://www.reuters.com/markets/commodities/suedzuckers-q2-earnings-fall-sharply-lower-sugar-prices-2024-10-10/
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