CropEnergies 9-month op profits up on bioethanol output rise

17 December 2010 09:10  [Source: ICIS news]

LONDON (ICIS)--CropEnergies recorded operating profits of €32m ($42m) during the first nine months of its fiscal year, up from €4m during the same period last year, on the back of increased production of bioethanol, the German company said on Friday.

Revenues rose 24% year on year to €349m from €280m during the same period last year.

“The main reason for the growth in revenues and profit is the increased production of bioethanol and the high-quality protein food and animal feed of the plant in Wanze, Belgium, which led to increased revenues in the third quarter as well,” the biofuels producer said in a statement.

Due to the good development of the business in the first nine months, which ended 30 November, CropEnergies said it had increased its forecast for revenues and profit for the full financial year.

Revenues were now expected to climb by around 20% to more than €440m, while operating profits were expected to more than triple compared with the previous year to over €40m.

The full report for the first nine months of its current financial year will be published on 11 January.

($1 = €0.76)

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By: Hilde Ovrebekk
+44 20 8652 3214

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