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Suedzucker lifts earnings view, but sees bioethanol hit

 

Suedzucker raised its full-year earnings forecast for a second time in as many months on Thursday, citing a significant improvement in bioethanol prices, but warned forward prices pointed to steep falls next year.

Europe’s largest sugar refiner said it now saw its operating profit rising to 200-240 million euros ($214-256 million) in its financial year through end-February, compared with previous guidance for 180-230 million euros.

Bioethanol business CropEnergies expects, though, that its operating profit could fall to as little as 30 million euros in 2016/17 from an estimated 70-90 million this year.

“Right now, forward prices for bioethanol in Europe for the financial year 2016/17 show a significant price reduction,” CropEnergies said in a statement.

Suedzucker also said it now expected to book ramp-up losses early next year from a new wheat starch plant it had initially planned for this year.

Shares in Suedzucker were up 1.2 percent at 18.63 euros by 0834 GMT, while CropEnergies dropped 6.5 percent coming off a two-year high it had hit on Thursday.

(Bloomberg)

 

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