January 12 (Renewables Now) - Revenues at German bioethanol producer CropEnergies AG (ETR:CE2) rose 20% year-on-year in March-November 2017, up to EUR 679 million (USD 823m).
The rise was mainly attributed to increased production, with ethanol output growing 15.2% to 847,000 cu metres (29.9 million cu ft). The increased revenues also reflect higher ethanol prices and trade volumes.
Operating profit in the nine months, however, was flat year-on-year at EUR 59 million, due to higher raw material prices and maintenance costs.
Looking ahead, CropEnergies said it continues to expect high volatility of ethanol prices. Prices until February 2018 are expected to be significantly below these in fiscal 2016/17.
CropEnergies confirmed its full-year revenue forecast of EUR 880 million to EUR 920 million. Operating profit is now seen in the range of EUR 65 million to EUR 85 million.
(EUR 1 = USD 1.212)