November 12 (Renewables Now) - ClonBio Group Ltd, the Irish owned agribusiness with a large ethanol plant in Hungary, last week reported higher 2017 revenues and profits helped by an increase in ethanol prices.
A reduction of corporate tax rates in Hungary had a positive impact on the bottom line result, the company noted.
Revenue rose by 11% to EUR 278 million (USD 315m) and operating profit gained EUR 11.4 million to reach EUR 35.5 million. ClonBio, previously known as Ethanol Europe Renewables, said ethanol prices were higher as demand for ethanol in the year grew with the introduction of E10 in more European markets, international ethanol prices were high, and production capacity was reduced in parts of Europe.
ClonBio's production volumes for animal feed and corn oil were also up.
“We see our market growing as E10 (10% ethanol blended into petrol) is introduced more widely in Europe,” said Mark Turley, founder and CEO of the group.
(EUR 1 = USD 1.13)