LONDON (Reuters) -Europe's largest sugar producer Suedzucker is set to bump up sugar prices again next year as energy costs remain high and input costs for items like sugar beet are also elevated, chief executive Niels Poerksen told Reuters. EU sugar prices on the spot market are already at record high levels - nearly three times those seen a year ago - following extreme weather and a surge in energy costs, forcing confectioners to consider production cuts.
Europe’s largest sugar producer Suedzucker on Wednesday raised its full-year profit forecast, as it expects higher sugar prices to compensate for rising energy and raw materials costs. Suedzucker raised its forecast for group operating profits in its financial year to February 2023 to between 530 million euros and 630 million euros ($524.4 million-$623.3 million) from a previous forecast of 450 million to 550 million euros.
HAMBURG (Reuters) -Europe's largest sugar producer Suedzucker on Thursday posted a rise of almost 80% in quarterly earnings and again forecast increased full-year profits, despite higher energy and raw materials costs, supported by the strong performance of its sugar and biofuel sectors. The company expects to be able to pass on higher costs in increased sugar prices but its performance in coming months will depend on sufficient energy supplies being available after Russia cut gas deliveries to Europe, it said. Suedzucker said operating profit in the second quarter to the end of August of its 2022/23 fiscal year rose 79.5% to 153 million euros ($148.44 million).