BERLIN (dpa-AFX) - German sugar producer Suedzucker AG (SUEZF) reported Thursday that for fiscal 2016, it now expects operating result in a range of 200 million euros to 240 million euros, compared to previous year's 181 million euros.
The company now projects group revenues at 6.3 billion euros to 6.5 billion euros, compared to previous year's 6.8 billion euros.
Südzucker previously expected group operating profit to reach 180 million euros to 230 million euros, and group revenues of 6.2 billion to 6.4 billion euros.
The revision is on back of the further positive development notably of bioethanol prices also beyond the second quarter and expecting a third quarter group operating result significantly above prior year.
CropEnergies AG, a unit of Suedzucker, now expects 2016 operating profit between 70 million euros and 90 million euros, compared to last year's loss of 11 million euros. The company was projecting operating profit between 50 million euros and 70 million euros.
Further, for fiscal 2017, CropEnergies' operating profit should decrease to approximately 30 million euros in light of actual forward prices for bioethanol. CropEnergies expects the operating profit for the coming financial year 2016/17 to remain under the excellent result for the current financial year.
Copyright RTT News/dpa-AFX