Suedzucker earnings surge 142%, sugar sector performs well

HAMBURG, Oct 8 (Reuters) - Suedzucker, Europe’s largest sugar refiner, on Thursday posted a 142% rise in quarterly earnings and repeated expectations of increased full-year profits with its sugar sector and biofuels performing well.

Suedzucker posted an increase in group operating profit to 68 million euros ($80 million) in the second quarter of its 2020/2021 fiscal year to end August 2020 from 28 million in the previous quarter.

The group benefited from higher sugar prices, it said.

Suedzucker also confirmed its previous forecast of full year 2020/2021 group operating profit of 300 million to 400 million euros, up from 116 million the previous year despite the fallout from the coronavirus crisis.

$1 = 0.8496 euros Reporting by Michael Hogan; editing by Thomas Seythal