CropEnergies fiscal first half net earnings jump to €10.5m

13 October 2010 08:29  [Source: ICIS news]

LONDON (ICIS)--CropEnergies recorded net earnings for the fiscal first half of the year of €10.5m ($14.6m), up from a net loss of €2.0m during the same period last year due to a rise in sales volumes, the German biofuels producer said on Wednesday.

Revenues for the first six months came in at €214.7m, up 16.5% from the March-August period last year.

Operating profits jumped to €17.4m from a loss of €0.8m during the same six-month period a year ago.

“The growth in revenues and earnings was driven mainly by increased sales volumes of bioethanol and high-grade food and animal feed products, especially on the back of higher capacity utilisation at the production plant in Wanze, Belgium,” the company said in a statement.

It added that as a result, CropEnergies was able to increase bioethanol production in the first half of the fiscal year by 10% year over year to 323,000 m³.

For the second half, the company said it expected profitable growth and to strengthen its market position.

The producer raised it revenue and earnings forecasts for the 2010/11 financial year, and said it now expected growth in revenues to over €420m, up from €374m last year, and operating profit in excess of €30m compared with last year’s €12m.

CropEnergies is a member of the Sudzucker Group and is a European supplier of sustainably produced bioethanol for the fuel sector.

($1 = €0.72)

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By: Hilde Ovrebekk
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