BERLIN (dpa-AFX) - CropEnergies AG increased its outlook for the 2018/19 financial year, due to unexpectedly strong increases in ethanol prices in Europe in the last few weeks.
According to preliminary result, Revenues were 202.9 million euros in the third- quarter of the current financial year, compared to the previous year of 219.1 million euros. EBITDA was 14.8 million euros compared to 21.7 million euros last year. Operating profit declined to 5.0 million euros from 12.0 million euros last year. The main reason for the decline in earnings were the higher raw material costs compared to the previous year.
For the full financial year 2018/19 (1 March 2018 - 28 February 2019), CropEnergies now expects revenues of 770 million euros to 800 million euros, compared to the previously expected range of 750 million euros to 780 million euros. It raised EBITDA outlook to a range of 65 million euros - 80 million euros from the prior outlook of 55 million euros - 75 million euros. Operating profit is expected to reach 25 million euros - 40 million euros, compared to the prior outlook of 15 million euros to 35 million euros.
The company noted that the full report for the first nine months of the financial year 2018/19 will be published on 9 January 2019.
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