HAMBURG, Oct 12 (Reuters) - Suedzucker, Europe’s largest sugar refiner, on Thursday said high revenues in its sugar and biofuels sectors helped propel a strong rise in second quarter earnings, and the company remained optimistic as the European Union’s liberalized sugar market starts.
Suedzucker confirmed its previous forecast for group operating result in its current 2017/18 financial year of 425 to 500 million euros ($505-594 million) against 426 million euros in the previous year, especially significant as the EU’s radical sugar market de-regulation started in September.
Its operating result in the second quarter to end-August rose 29.6 percent to 128 million euros and sales were up 7.1 percent at 1.71 billion euros, Suedzucker said.
Analysts surveyed by Reuters on average forecast quarterly operating result of 131 million euros and sales of 1.75 billion euros.
$1 = 0.8421 euros Reporting by Michael Hogan; Editing by Maria Sheahan