August 22 (Renewables Now) - Ethanol producer CropEnergies AG (ETR:CE2) last week revised up its guidance for operating profit and EBITDA this year on the back of an increase in the sales price for ethanol.
The company now expects an operating profit of EUR 50 million-75 million (USD 55.5m-83.2m) for its financial year through February 2020, up from the previous forecast of EUR 30 million-70 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) are now expected to reach EUR 90 million-120 million, while the earlier projections were for a result of EUR 70 million-115 million.
CropEnergies, meanwhile, cut the high end of its revenue guidance to EUR 860 million from EUR 900 million.
The company, which has a production capacity of 1.3 million cu m in Europe, reported an operating profit of EUR 33 million on revenues of EUR 770 million in the fiscal year through February 2019. Last year, lower ethanol prices and higher raw material and energy costs weighed on the company's results.
(EUR 1 = USD 1.11)