PARIS: France’s second-largest sugar maker Cristal Union recorded a net profit of 69 million euros ($84.5 million) during its 2020/21 financial year after two years of losses, helped by a rebound in sugar prices, its chief executive told Reuters on Wednesday.
The annual profit, also supported by a restructuring of activities and high sales of alcoholic disinfectant gel to combat the spread of COVID-19, was higher than the 40 million euros CEO Alain Commissaire had projected in January.
Cristal Union is due to release its full annual results in early June. The cooperative group posted a loss of 89 million euros for the previous year to Jan. 31, 2020.
Commissaire said he was optimistic that results would remain strong in the current 2021/22 season with sugar prices still at high levels and the sugar beet harvest on track.
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