German CropEnergies targets 21% sales growth, despite E10 woes

22 June 2011 20:50  [Source: ICIS news]

LONDON (ICIS)--German bioethanol producer CropEnergies expects its fiscal 2011/2012 sales to increase by up to 21%, it said on Wednesday.

CropEnergies's optimistic outlook came even as Germany's drivers remain unwilling to accept 10% bioethanol blended gasoline (E10), which has been approved for sale at the country’s pumps since 1 January.

CropEnergies said sales for the fiscal year ending 29 February 2012 should reach up to €570m ($826m), compared with €473m in the 2010/2011 fiscal year.

Sales for the first three months ended 31 May 2011 were up by 41% to €132m, mainly due to higher plant utilisation rates, CropEnergies said.

The company is one of Europe’s largest bioethanol producers with a capacity of 700,000 cubic metres/year.

($1 = €0.69)

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