European ethanol producer CropEnergies has announced its revenues for the first three quarters of the 2017-’۱۸ financial year, which spanned from March 2017 through November 2017, increased by 20 percent, reaching €۶۷۹ million ($811.33 million). The increase is primarily attributed to increased production volumes, along with higher ethanol prices and increased trade volumes.
CropEnergies said its biorefineries all achieved high capacity utilization rates, with production reaching 847,000 cubic meters (223.75 million gallons), up from 735,000 cubic meters during the same period of the previous financial year. The production of food and animal feed products also increased.
EBITA for the nine-month period was €۸۸ million, up from €۸۷ million during the same period of the previous financial year. Operating profit was €۵۹ million, which is level with the operating profit reported for the first three quarters of the previous year. Income from operations was €۵۸ million during the first nine months of the current financial year, up from €۵۳ million during the same period of last year.
Moving into the fourth quarter, CropEnergies said it expects to see continued volatility in ethanol prices. For the remainder of the current financial year, ethanol prices are expected to be significantly below prices realized during the same period of last year. Grain prices are also expected to be higher.
For the full financial year, CropEnergies expects to realize revenues of €۸۸۰ million to €۹۲۰ million. Operating profit is expected to reach €۶۵ million to €۸۵ million.
CropEnergies owns four ethanol plants, including a 400,000 cubic meter plant in Zeitz, Germany; a 300,000 cubic meter plant in Wanze, Belgium; a 400,000 cubic meter plant in Wilton, U.K.; and a 100,000 cubic meter plant in Loon-Plage, France.