German CropEnergies aims to double operating profit in fiscal '11

18 May 2010 19:30  [Source: ICIS news]

TORONTO (ICIS news)--CropEnergies expects to more than double operating profits in its current fiscal year ending February 2011, mainly due to higher capacity utilisation, moderate raw material costs and increased sales, the Germany-based biofuels company said on Tuesday.

Full-year revenue for the 12 months ending 28 February 2011 would exceed €400m, compared with €374m in the previous fiscal year, the company said.

CropEnergies reported an operating profit of €11.9m ($14.7m) in the fiscal year ended 28 February 2010. Operating profit declined from €18.2m in the year-earlier period as a result of start-up costs for new capacity and higher depreciation charges.

CropEnergies’s ethanol production rose 38% to 603,000 cubic metres during the year, due to the new capacity, it said.

However, production was still below the company's nameplate capacity of 700,000 cubic metres from sites in Germany, Belgium and France. 

In Germany, CropEnergies is currently building a 100,000 tonne/year joint venture carbon dioxide (CO2) liquefaction plant at Zeitz in Saxony-Anhalt state.

That plant, expected to start operating towards the end of 2010, will use CO2 generated as a by-product in CropEnergies' ethanol production at Zeitz.

In related industry news, Germany-based industrial gases firm Messer earlier this month commissioned a 150,000 tonne/year CO2 liquefaction plant at an INEOS chemical production site in Belgium. Messer described that project as the largest of its kind in Europe.

($1 = €0.81)

Check out Doris de Guzman’s Green Chemicals Blog for views on sustainability issues
To discuss issues facing the chemical industry go to ICIS connect

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

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.

Printer Friendly

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