20 May 2009 11:04 [Source: ICIS news]
LONDON (ICIS news)--German bioethanol producer CropEnergies' net profits fell to €5.9m ($8.1m) for its 2008/2009 financial year from €20.1m in the previous year, the company said on Wednesday.
CropEnergies said the results were negatively impacted by start-up costs for its new plant in ?xml:namespace>
Group sales increased 76% for the 12 months ending 28 February, rising to €328.4m from €186.8m.
The company increased its annual bioethanol production by 77% to 436,000 cubic metres, while sales volumes were up 73% to 482,000 cubic metres.
One third of the growth was due to a step-up in trading activities ahead of its 300,000 cubic metres/year Wanze plant coming on stream.
In its outlook, CropEnergies said it expected to benefit from the passing of the EU Renewable Energies Directive.
“In the 2009/10 financial year the company therefore expects to further expand production and sales of bioethanol versus the previous year and achieve revenues in excess of €400m,” it said in a statement.
“Despite volatile raw material prices and lower ethanol prices, CropEnergies expects an operating profit above last year’s level,” it added.
($1 = €0.73)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections