BERLIN (dpa-AFX) - CropEnergies AG Monday said its nine-month revenues increased 9.4 percent to 626 million euros from 573 million euros in the first three quarters of the financial year 2014/15. Besides significantly increased production, expansion of trading activities also contributed to the growth.
EBITDA decreased to 21 million euros from 62 million euros. After depreciation, this resulted in an operating loss of 6 million euros, compared to profit of 38 million euros last year, amid a slump in bioethanol prices.
For the full financial year 2014/15, CropEnergies continues to expect a growth in revenues by 5 to 10 percent to 820 million euros to 860 million euros, compared to 781 million euros last year. EBITDA is expected to range between 20 million euros and 40 million euros in comparison with 68 million euros in the prior year.
Considering the uncertainty regarding price and market developments, CropEnergies expects to achieve an operating profit ranging between 0 and minus 20 million euros.
For the first half of the financial year 2015/16, CropEnergies expects continuing difficult market conditions, since a decision, at EU level, about the use of biofuels up to 2020 and beyond is only expected to be taken in April. The firm expects this decision to give new momentum to the industry.
Copyright RTT News/dpa-AFX