German Cropenergies raises net profit by 6% Y/Y in Q1 FY 2013/14

Jul 9, 2013 - German bioethanol producer Cropеnergies (ETR:CE2) said today its net profit rose by 6% to EUR 10.4 million (USD 13.4m) in the first quarter of fiscal 2013/14.

Thanks to higher revenues for bioethanol, protein food and animal feed products and despite higher raw material costs, earnings before interest, tax, depreciation and amortisation (EBITDA) went up to EUR 23.6 million in the March-May period of 2013 from EUR 22.8 million a year earlier.

EBITDA-margin, on the other hand, declined to 12.7% from 14.2%.

Operating profit gained almost 5% to EUR 15.6 million, while operating margin fell to 8.4% from 9.3%.

The company's revenue increased by 16% year-on-year to EUR 186 million.

During the first fiscal quarter, Cropеnergies produced a total of 201,000 cubic metres of bioethanol, up from 192,000 cubic metres a year earlier.

On the basis of these figures, the company has affirmed its full-year outlook. Given that market prices for bioethanol and vegetable proteins decline only slightly on the year and the production plants continue to operate nearly at full capacity levels, revenue is seen remaining unchanged from the EUR 688.7 million booked for the previous fiscal year.

Operating profit is seen reaching between EUR 50 million and EUR 60 million after EUR 87 million in fiscal 2012/13.

(EUR 1.0 = USD 1.287)

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