German CropEnergies lifts 2010/11 forecast on strong H1 figures

(ADPnews) - Sep 20, 2010 - German bioethanol producer CropEnergies (ETR:CE2) today raised its forecast for the fiscal 2010/11, ending February 28, based on a strong performance in the first half of the year.

The company now envisages sales of north of EUR 420 million (USD 550m) and operating profit of more than EUR 30 million. Its original forecast was for sales of at least EUR 400 million.

In the previous fiscal year CropEnergies registered an operating profit of EUR 11.9 million.

During the first half of 2010/11, the company's operating profit jumped to EUR 17 million after an operating loss of EUR 1 million booked in the prior-year period. CropEnergies' sales came in at EUR 215 million, up by 16.5% as compared with the first six months of the fiscal 2009/10.

The company will publish a detailed report for the fist half of 2010/11 on October 13.

(EUR 1.0 = USD 1.309)

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