BERLIN (dpa-AFX) - CropEnergies AG, the member of the Südzucker Group (SUEZF.PK), reported that its operating profit for the first-quarter significantly increased to 15.2 million euros from the previous year's 4.6 million euros.
Quarterly revenues grew to 203 million euros from 192 million euros in the prior year.
Quarterly ethanol production was reduced by 19 percent to 208,000 cubic meters since the plant in Wilton, UK, only supplied the local market, operating at reduced output.
While announcing preliminary quarterly financial result on 14 June 2019, CropEnergies raised its outlook for the financial year 2019/20, due to the expectation of slightly higher prices for sustainably produced, climate friendly ethano. The company raised annual operating profit outlook to a range of 30 million euros - 70 million euros from the prior estimation of 20 million euros - 70 million euros.
It increased annual revenues outlook to a range of 820 million euros - 900 million euros from the prior outlook of 800 million euros - 900 million euros.
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