July 9, 2020 / 5:26 AM / a month ago

Suedzucker says positive impact of panic-buying wanes

BERLIN, July 9 (Reuters) - Suedzucker on Thursday said the positive impact of panic-buying at the outset of the coronavirus pandemic had faded and was increasingly overshadowed by lower demand from the sugar processing industry amid efforts to contain the virus’s spread.

Europe’s largest sugar refiner nonetheless stuck with a forecast for group operating profit in its 2020/2021 financial year starting in March to rise to between 300 and 400 million euros ($324.3 to $432.4 million) from 116 million euros in the previous year.

It affirmed preliminary results showing its fiscal first-quarter operating profit rose 30% to 61 million euros, helped by higher sugar prices, cost savings and demand for frozen pizzas and functional dietary fibres during lockdown.

Reporting by Maria Sheahan Editing by Michelle Martin

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