German bioethanol producer CropEnergies AG (ETR:CE2) on Wednesday reported increases in revenues and profits for the first half of its fiscal year 2017/18 as ethanol production rose 26% year-over-year.
In the six months from March 1 to August 31, 2017, the company produced 567,000 cu metres of ethanol, up from 450,000 cu m in the prior-year period, mainly as a result of taking the plant in Wilton, the UK back into operation in July last year. Production of food and animal feed products increased accordingly.
Revenues grew 31% to EUR 460 million (USD 544m), while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13% to EUR 67 million. The operating margin declined to 10.3% from 11.7% a year earlier.
The company said that higher ethanol proceeds made up for a slight decline in sales prices for food and animal feed and higher raw material prices. It raised its full-year revenue forecast to EUR 880 million-920 million from EUR 850 million-900 million and the lower end of both its operating profit and EBITDA forecast by EUR 10 million to EUR 60 million-90 million and EUR 100 million-130 million, respectively. CropEnergies made revenues of EUR 802 million and operating profit of EUR 98 million in the previous year.
(EUR 1 = USD 1.184)
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