May 16, 2019 / 8:19 AM / 7 months ago

Suedzucker sees tough year on weak sugar prices

HAMBURG, May 16 (Reuters) - The CEO of Suedzucker, Europe’s largest sugar refiner, said on Thursday trading conditions are expected to remain tough in the first half of its 2019/20 financial year because of low sugar prices but that an improvement could be in sight from October.

CEO Wolfgang Heer said the group does not see a significant positive impulse for low sugar prices despite analysts forecasts of a balanced world sugar market in the 2018/19 season.

“We expect, under the current difficult conditions, once again high operating losses in the first half of 2019/20,” Heer said.

Because of reduced exports and a reduction in EU sugar inventories the company expects an improvement in earnings performance from October, he said.

“On average in the financial year we expect a higher but still unsatisfactory sugar price,” he said. (Reporting by Michael Hogan; editing by Jason Neely)

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