Suedzucker (SZUG.DE), Europe’s largest sugar refiner, on Thursday posted a sharp rise in quarterly earnings as it continued to benefit from an improved performance from its bioethanol and sugar sectors.
Operating profit in the first quarter of its 2016/2017 financial year starting in March was 110 million euros ($122.01 million), up from 57 million euros last year and above the average forecast of 77.9 million euros in a Reuters poll of analysts.
Quarterly revenue fell to 1.61 billion euros from 1.63 billion in the same period last year. That was in line with average analysts’ expectations.
Suedzucker confirmed its 2016/17 outlook for a further rise in operating profit to between 250 million euros and 350 million euros.