German sugar producer Suedzucker confirmed its full-year outlook today (15 October) despite posting a decline in net profit for the first-half of the year.
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For the period to 31 August, net profit dropped to EUR102.7m from EUR123.4m in the previous year.
Revenue also dropped slightly to EUR2.93bn from EUR2.99bn in the comparable period of 2008.
The group however, said it was able to more than double operating profit, which came in at EUR179m compared to EUR82m in the prior year. The sugar, special products and fruit segments all contributed to the increase.
EBITDA increased 60.9% to reach EUR261.1m.
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By GlobalDataSuedzucker said it managed to reduce its net debt by EUR630m during the period, but that seasonal factors will cause net financial debt to rise by the end of the fiscal year.
“Despite the difficult overall economic situation, Südzucker continues to confirm the outlook for the 2009/10 financial year. Group revenues are expected to come in at EUR5.9bn, similar to last year. A further decline in the sugar segment’s revenues will be offset by rising revenues in the special products, CropEnergies and fruit segments.”
Group operating profit is expected to climb to around EUR400m (EUR258m).
