CropEnergies reports improved first quarter results

By Erin Voegele | June 22, 2017

Germany-based CropEnergies AG released first quarter financial results, reporting increased revenues and results when compared to the same period of last year. Revenues have increased by 38 percent, reaching EUR 231 million ($257.56 million), while operating profit increasing 21 percent, reaching EUR 23.5 million.

CropEnergies attributed the improved operating profit to increased utilization of all of its production facilities, noting its Wilton, U.K., plant was idle during the first quarter of 2016.

For the full year, CropEnergies is now forecasting revenues will range between EUR 850 million and EUR 900 million for the 2017-’18 financial year, up from a previous forecast of EUR 800 million to EUR 875 million. Operating profit is now expected to reach EUR 50 million to EUR to EUR 90 million, up from the previous estimate of EUR 40 million to EUR 80 million.

CropEnergies currently has a total production capacity of 1.3 million cubic meters of fuel ethanol per year, with facilities located in Germany, Belgium, the U.K. and France. The company also produces 150,000 cubic meters of high-purity neutral alcohol used in the beverage, cosmetics and pharmaceutical industry, or for technical applications.