BRAUNSCHWEIG, GERMANY, May 23 (Reuters) - Germany’s second largest sugar refiner Nordzucker on Thursday became the latest major European producer to post a loss as the industry battles against low prices.
Nordzucker posted a 36 million euro ($40.09 million) loss for the financial year to end-February versus an after-tax profit of 118 million the previous year.
The unlisted company said it expects operating losses in the current financial year as well.
“For the financial year 201/20 Nordzucker expects negative results because of continued low prices,” the company said in a statement at a news conference. “But a steadily growing world market promises better prices in the medium term.”
$1 = 0.8979 euros Reporting by Michael Hogan, editing by Jason Neely