January 13 (Renewables Now) - German bioethanol producer CropEnergies AG (ETR:CE2) posted a 110% increase in EBITDA for the nine months through November 2019 to EUR 101.9 million (USD 113m).
The result improved due to the higher sale prices of ethanol, which offset increased raw material prices and lower production.
In December, the company again raised its outlook for the fiscal 2019/20 and now expects to record revenues of around EUR 900 million, an operating profit of EUR 100 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of some EUR 145 million.
Operating profit in March-November jumped to EUR 70.3 million from EUR 19.1 million a year back. The operating margin thus rose to 10.5% from 3.2% a year back. Revenues, meanwhile, improved by 12% to EUR 668 million.
CropEnergies produced 729,000 cu m of ethanol in the nine months, 6% down from a year before. The annual production capacity of its facilities in Germany, Belgium, the UK and France stands at 1.3 million cu m.
(EUR 1.0 = USD 1.112)