Cristal Union posts 2019/2020 net loss

French sugar maker Cristal Union, Europe’s fourth-largest sugar group, on Tuesday reported a net loss of 89 million euros ($100 million) for its 2019/20 financial year reflecting low sugar prices and exceptional costs.

It is reported by Reuters.

Its revenue fell 6% to 1.6 billion euros for the year ended January 31, the cooperative group said.

Cristal Union last year decided to shut two sugar factories in France this year as it expected global oversupply to persist.