May 14, 2020 / 8:18 AM / 13 days ago

Suedzucker optimistic about profits despite coronavirus

HAMBURG, May 14 (Reuters) - Suedzucker, Europe’s largest sugar refiner, on Thursday confirmed its forecast for a strong increase in earnings in its new financial year on hopes its core sugar sector will improve despite the coronavirus crisis.

The company on Thursday confirmed a forecast issued in April that operating profit in its new 2020/2021 financial year starting in March 2020 will rise to between 300 to 400 million euros ($324.3 to $432.4 million), up from 116 million euros in the 2019/20 financial year to end-February 2020.

But Suedzucker warned the forecast “is subject to the economic and financial impact as well as the duration of the temporary exceptional situation in connection with the coronavirus pandemic, which is not yet foreseeable.” ($1 = 0.9251 euros) (Reporting by Michael Hogan Editing by Michelle Martin)

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