MANNHEIM (dpa-AFX) - Südzucker expects a significant decline in earnings for the second quarter. The start to the quarter was subdued, the company announced in Mannheim on Wednesday. The sales and procurement markets remained volatile due to the war in Ukraine. The further course of the burdens caused by the EU's extension of duty-free access for agricultural imports from Ukraine, which is now limited in terms of volume, remains uncertain. In addition, the effects of the war in the Middle East are difficult to assess.

Earnings before interest, taxes, depreciation and amortization (EBITDA) and the operating result for the second quarter are therefore likely to be below the previous year's figures of 383 million and 310 million euros respectively.

However, Südzucker has confirmed its forecast for the year and continues to expect falling profits. Group revenues in 2024/25 (as of the end of February) are expected to be between EUR 10.0 and 10.5 billion, EBITDA between EUR 900 million and 1.0 billion and consolidated operating profit between EUR 500 and 600 million.

The sugar producer had already announced a decline in earnings for the first quarter in mid-April. Südzucker intends to present these figures on Thursday. The share lost 2.5 percent in the late morning./nas/mis