HAMBURG, July 11 (Reuters) - Europe's largest sugar producer Suedzucker on Thursday posted a 45% fall in quarterly earnings as it was hit by higher costs and lower sugar prices.
Suedzucker reported operating profit in the first quarter to May 31 of its 2024/25 fiscal year of 155 million euros ($167.93 million), down from 282 million euros in the same quarter last year.
The sugar, CropEnergies biofuel and starch segments all recorded a decline in earnings, it said.
Suedzucker warned in May that high costs ranging from energy, raw materials, logistics to packaging combined with weak sugar markets would cause a fall in first quarter earnings. The company warned on Wednesday that its second quarter earnings would also decline.
Sugar futures hit 18-month lows in May on expectations of large sugar harvests in Brazil but have since recovered slightly.
($1 = 0.9230 euros)
Reporting by Michael Hogan, editing by Rachel More
Source: Reuters