21 Jun 2017 --- Good prices of ethanol in the starch segment plus a strong sugar segment contributed to improved first quarter results for international food company Agrana which has just published its earnings before tax for March 1 to May 31. Over the first quarter, AGRANA’s EBIT increased from €47.0 million in Q1 2016/17 to €69.8 million. Revenues during the three months also rose slightly, from €665.5 million to €684.2 million.
According to the company, both the extremely favorable development of ethanol prices in the starch segment, in particular, as well as better operating results in the sugar segment contributed to the rise in Group EBIT. Earnings in the fruit segment were also up on the prior year.
Despite the challenging market environment anticipated in the sugar segment in the second half, AGRANA has raised its guidance for EBIT in the financial year 2017/18 from a ‘moderate’ (+5 % to +10 %) to a ‘significant’ (> +10 %) increase due to the improved outlook in the starch segment.
The publication of the report for the first quarter 2017/18, including details of the segment reporting and the outlook for 2017/18, will take place on 13 July.
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