BERLIN (dpa-AFX) - CropEnergies AG reported that its operating profit for the first nine months of the financial year 2019/20 more than tripled to 70.3 million euros from 19.1 million euros last year.
EBITDA doubled in the period to 101.9 million euros from the prior year's 48.5 million euros, despite higher raw material prices and decreased production.
Revenues rose by 12 percent to 668 million euros from previous year's 596 million euros, mainly due to significantly higher sales prices for renewable, climate-friendly ethanol.
In the first three quarters, 729,000 cubic meters of ethanol were produced. It was 6 percent less than in the previous year.
In December 2019, the company said it raised its operating result outlook for fiscal 2019/20 to about 100 million euros from the prior outlook of 70 million euros to 90 million euros. It also raised EBITDA outlook to around 145 million euros from the prior outlook of 110 million euros to 135 million euros.
The company increased annual revenues guidance to about 900 million euros from the previous outlook of 840 million euros to 870 million euros.
Copyright RTT News/dpa-AFX