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Südzucker swings to profit in fiscal Q3

Südzucker AG said its normalized net income for the fiscal third quarter ended Nov. 30, 2015, amounted to 16 euro cents per share, compared with the S&P Capital IQ consensus estimate of 17 cents per share.

The per-share result swung to a profit from the prior-year loss of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €33.0 million, compared with a loss of €3.3 million in the prior-year period.

The normalized profit margin rose to 2.0% from negative 0.2% in the year-earlier period.

Total revenue decreased 7.6% on an annual basis to €1.62 billion from €1.75 billion, and total operating expenses decreased 11.3% year over year to €1.56 billion from €1.76 billion.

Reported net income came to €45.2 million, or 22 cents per share, compared to a loss of €8.1 million, or a loss of 4 cents per share, in the year-earlier period.