German CropEnergies swings to EUR 10.5m profit in H1 FY 2010/11

(ADPnews) - Oct 13, 2010 - German bio-fuel producer CropEnergies AG (ETR:CE2) today posted a net profit of EUR 10.5 million (USD 14.7m) for the first half of fiscal 2010/11, ending February, after a loss of EUR 2 million booked a year ago.

Revenues rose 16.5% to EUR 214.7 million, and operating profit improved to EUR 17.4 million from a loss of about EUR 800,000.

The better earnings and revenues reflect increased sales volumes of bioethanol and food and animal feed products, CropEnergies said. As a result, the company raised bioethanol production by 10% to 323,000 cu m (11.4 million cu ft).

Given the figures, CropEnergies affirmed its full-year forecast, made in September, for a rise in sales to EUR 420 million from EUR 374 million and in operating profit to more than EUR 30 million from EUR 12 million.

(EUR 1 = USD 1.396)

Choose your newsletter by Renewables Now. Join for free!