German sugar company Suedzucker AG (SUEZF.PK) on Monday reported a strong growth in first-quarter operating profit and revenues, benefited by sugar segment's performance as well as an extraordinary tax benefit. The company also backed its fiscal 2013 forecast.
For the first quarter, Group operating profit climbed 43 percent to 263 million euros from last year's 184 million euros, chiefly driven by the sugar segment. Operating margin grew to 13.9 percent from prior year's 11.2 percent.
The results reflected a positive high double digit million impact on net profit for this period due to a progress of a financial court proceeding leading to an extraordinary tax income.
Group revenues for the three-month period totaled 1.89 billion euros, 15 percent higher than 1.64 billion euros a year earlier.
The company is slated to release its full interim report for the first three months on July 12.
Looking ahead, for the fiscal year 2013, Suedzucker continues to project an increase of group revenues above last year's 7 billion euros. Group operating profit is still expected to exceed 800 million euros, most of which to come from the sugar segment, in comparison to prior year's profit of 751 million euros.
According to Suedzucker, the prior year's revenue and operating profit results were new record highs in its history.
While announcing its full-year 2012 results in mid May, the company had noted that results for current financial year would be slightly higher as all segments are expected to generate higher revenues.
The company then said its special products segment would repeat last year's strong results and CropEnergies would match last year's record profits despite a rather slow start to the year.
On Frankfurt's Xetra, Suedzucker shares are currently trading at 26.51 euros, up 0.71 euros or 2.75 percent.
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by RTT Staff Writer
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