Agrana Raises Profit Forecast

22 Sep 2016 --- Agrana has raised its profit and revenue forecasts for the full financial year, driven by an improved performance in its sugar and fruit segments. The Vienna-based food company, which makes sugar, starch, fruit preparation and juice concentrate, said it is raising its forecast from "moderate" to "significant" compared with the year previous.

Agrana will report full details of its financial results for the first six months of the year on October 13.

It has released the headline figures ahead of the results, with operating profits up by 32 percent to €90.4m ($100m) and group revenues up 4.5 percent to €1.3bn ($1.45bn).

Agrana said: "The improvement in the group’s operating result is primarily attributable to the recovery in the sugar segment and the growth in the fruit segment. Additionally, the result in the starch segment exceeded the high level seen in the prior year despite the drop in ethanol prices."

Reporting its first quarter results on July 7, Agrana chief executive Johann Marihart said: "We are off to a good start in the new financial year, which reaffirms our positive view for the full year 2016|17.”

“A gratifying aspect is that – in addition to the starch segment and the fruit preparations business – the sugar segment and the fruit juice concentrate division also contributed to this positive development."