It is reported by Reuters.

The unlisted company said it expected only “a relatively small decline” in sales volumes in its 2020/21 financial year, which started in March, as a result of the COVID-19 pandemic.

«We will in all likelihood close the current fiscal year with a good profit, — said CEO Lars Gorissen in a statement after the company’s shareholders meeting, — We are profitable again. And this is due not only to the general conditions, but also to our decisive cost reduction measures throughout the Nordzucker group».

Nordzucker posted in May a 15 million euro ($18 million) net loss for its 2019/20 financial year against a loss of 36 million euros in the previous year, following benefits from cost-cutting and efficiency programmes.

Germany’s Suedzucker, Europe’s largest sugar refiner, posted on Thursday a 142% surge in second-quarter earnings and reaffirmed its estimate of a stronger annual profit with its sugar and biofuels sectors performing well.