BERLIN (dpa-AFX) - CropEnergies AG, a subsidiary of German sugar producer Suedzucker AG (SUEZF), reported that net earnings for the first quarter soared to 4.91 million euros or 0.06 euros per share from 0.63 million euros or 0.01 euros per share in the prior-year quarter.
However, revenues for the quarter decreased 5 percent to 197.77 million euros from 207.87 million euros in the same quarter last year.
Operating profit for the quarter soared to 13.65 million euros from 4.49 million euros, with operating margin improvement 470 basis points to 6.9 percent from last year's 2.2 percent.
As a result of the temporary production pause of the plant, bioethanol production in the quarter decreased to 205,000 cubic meters from last year's 262,000 cubic meters.
Looking ahead to full financial year 2015/16, CropEnergies expects a reduction of revenues in the range of 675 million to 725 million euros from the 827 million euros reported last year. Adjusted operating profit is expected to range between 10 million and 40 million euros, compared to last year's 11 million euros.
Copyright RTT News/dpa-AFX