Suedzucker Posts Loss In Q3, Revenue Drops
German sugar producer Suedzucker AG (SUEZF.PK) reported a loss for the third-quarter, compared to a profit in the prior year, as revenues declined amid low sugar and ethanol prices. The company, however, backed its full year forecast.
Net loss attributable to shareholders was 9 million euros ($10.6 million), as against a profit of 111 million euros in the prior year. Revenues dropped 9.4 percent to 1.75 billion euros from the prior year's 1.93 billion euros.
In the Sugar business, revenue dropped 18 percent to 838 million euros, amid falling quota sugar and non-quota sugar export sales revenues. Revenue edged up 0.5 percent to 450 million euros in the Special products Segment, while it declined for the 9-month period.
In CropEnergies, revenues climbed nearly 10 percent to 204 million euros. The fruit segment reported revenues of 260 million euros, down 6.8 percent from last year.
Looking ahead, the company's outlook for the current fiscal year remained unchanged. Consolidated group sales revenues are still projected to be around 7.0 billion euros, compared to last year's 7.5 billion euros. Operating profit is estimated to drop sharply to about 200 million euros from the prior year's 622 million euros.
However, the company noted that based on business performance to date, achieving this forecast continues to be a challenge. The stock fell 3.8 percent on Monday at 11.16 euros. (dpa)
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