German CropEnergies raises 2010/11 forecast on 9-mo performance

(ADPnews) - Dec 17, 2010 - German bioethanol producer CropEnergies (ETR:CE2) has once again increased its forecast for the full fiscal 2010/11, ending February 28, 2011, in view of the good nine-month performance.

The company now projects revenue growth of around 20% on the year to EUR 440 million (USD 586.9m) and operating profit of more than EUR 40 million for the full fiscal year.

CropEnergies' previous forecast, announced with the report for the first half of the year, was for a full-year revenue of EUR 420 million and operating profit of more than EUR 30 million.

According to preliminary data, the company's revenue in the first nine months of the fiscal year advanced by 24% to EUR 349 million and operating profit reached EUR 32 million, CropEnergies reported.

In fiscal 2009/10 the company booked EUR 374 million in revenue and EUR 12 million in operating profit.

CropEnergies will publish the final figures for the first nine months of fiscal 2010/11 on January 11, 2011.

(EUR 1.0 = USD 1.334)

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