Hamburg: The improving sugar market has boosted the earnings of Europe’s largest sugar producer Suedzucker (SZUG.DE) which has reported an increase in operating profit by 90% in the third quarter.
According to the media report, the company had on December 15 had made an advance release of earnings. The operating profit of the company in the three months up to November 30 has increased to 127 million Euros ($145.30 million) and the sales increased by 17.4% to 2.04 billion Euros.
The company continued its full-year forecast of earning operating profit between 320 million to 380 million Euros, up from last year’s 236 million.
Suedzucker said that the sugar output in the EU is likely to increase this season provided the beet yields increase, however, the EU is expecting the extra supplies.
This season the company is expecting to produce 4.2 million tonnes of sugar, up from 3.5 million tonnes last year.
