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Südzucker swings to loss in fiscal Q3

Südzucker AG said its normalized net income for the fiscal third quarter ended Nov. 30, 2014, was a loss of 2 euro cents per share, compared with the S&P Capital IQ consensus estimate of 1 cents per share.

The per-share result swung to a loss from the prior-year profit of 41 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of €3.3 million, compared with income of €83.5 million in the year-earlier period.

The normalized profit margin fell to negative 0.2% from 4.3% in the year-earlier period.

Total revenue fell 9.4% on an annual basis to €1.75 billion from €1.93 billion, and total operating expenses decreased year over year to €1.73 billion from €1.76 billion.

Reported net income came to a loss of €8.1 million, or a loss of 4 cents per share, compared to income of €111.4 million, or 55 cents per share, in the year-earlier period.