BERLIN (dpa-AFX) - CropEnergies AG reported that its first-quarter EBITDA declined to 14 million euros from the previous year's 33 million euros. Operating result decreased to 5 million euros from the previous year's 24 million euros. The main reason for the reduction was the significantly lower ethanol price, which was temporarily below the gasoline price.
As a result, production was reduced by 8 percent to 257,000 cubic meters of ethanol.
Quarterly revenues decreased by 17 percent to 192 million euros from 231 million euros in the prior year.
A gradual improvement in ethanol prices and results is expected over the course of the year. Revenues of 810 million euros to 860 million euros and an operating profit of 25 million euros to 55 million euros are expected for the full 2018/19 financial year.
This corresponds to an EBITDA of 65 million euros to 95 million euros, so that a further improvement in net financial assets and equity is expected.
Copyright RTT News/dpa-AFX