Maple Energy announces financial results for first half of 2012

By Erin Voegele | September 18, 2012

Peru-based Maple Energy plc recently released its preliminary financial results for the six-month period ended June 30. The integrated energy company recently began operations at its 35 MMgy sugarcane ethanol plant, and exported its first shipment of ethanol to Europe.

According to the financial information released by the company, its revenues increased by 25 percent during the two quarters, to $50.8 million. Revenues reported for the same period of last year measured $40.7 million. Gross profit also increased slightly, from $12.9 million during the first half of 2011, to $30 million during the first half of 2012.

Regarding its ethanol project, Maple Energy noted that its plant is substantially complete and producing ethanol. The facility also includes a power production facility with 37 MW of capacity. The ethanol plant began operations in April 2012, while the power plant came online in July.

According to the company, total ethanol project costs are currently estimated at approximately $280 million, including interest paid during construction, a debt service reserve account, and certain value-added taxes, and excluding assets acquired under finance leases.

Maple Energy also planted 526 hectares (1,300 acres) of sugar cane on its main estate during the first half of 2012, and has plans to achieve a plantation of more than 6,500 hectares.

As of September, the company said that it has harvested and processed approximately 280,000 metric tons of sugarcane at its ethanol plant since March. Due to the slower than expected ramp up period for the sugarcane processing during startup, Maple Energy said it currently expects to harvest and process more than 600,000 metric tons of sugarcane by the end of the year. Previous estimates noted that Maple Energy had expected to process 900,000 metric tons of feedstock this year. The difference of approximately 300,000 metric tons is projected to be harvested and processed during the first three months of 2013.

Maple Energy also noted in its financial statement that the company is engaged in a dispute with a third-party provider of its ethanol project, and that arbitration proceedings have been initiated as a result of that dispute.