MANNHEIM (dpa-AFX) - Südzucker has recorded a significant drop in profits in the first quarter of the financial year. This was mainly due to higher costs and lower prices in the sugar business, as the company announced in Mannheim on Thursday. However, the results of the biofuel subsidiary Cropenergies also declined due to falling prices for ethanol as well as food and animal feed. Earnings before interest, taxes, depreciation and amortization (EBITDA) therefore fell by more than a third to 230 million euros at the end of May. Operating profit even slumped by 45 percent to EUR 155 million. Turnover increased slightly by 1.3 percent to 2.55 billion euros.

Südzucker had already warned in advance of a significant drop in profits in the first quarter, and the figures now presented were below analysts' expectations. This Wednesday, the sugar company also announced further declines for the second quarter and confirmed its forecast for the current 2024/25 financial year./nas/stk