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.
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
($1 = €0.81)
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