CropEnergies raised its ethanol output by 12% to 1.149 million cu m in its 2017-18 financial year (March-February), the Germany-based company said in its final annual results Wednesday.
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This was the result of high capacity utilization of all CropEnergies' plants.
This also increased the production of protein food and animal feed products by 15% to 662,000 mt.
Increased production resulted in 10% higher revenues over the period to Eur882 million ($1.042 billion), but operating profit fell to Eur72 million from Eur98 million in 2016-17 on higher raw material and maintenance costs as well as lower ethanol prices.
The company expects revenues between Eur840 million and Eur900 million and an operating profit of Eur30 million-Eur70 million for the next financial year, based on lower expected ethanol prices in Europe, but sustained high prices for protein food and animal feed products.
CropEnergies expressed the hope that the conclusion of the trilogue negotiations between the EU Parliament, Commission, and Council on the future of the Renewable Energy Directive, would soon provide a more stable basis for the industry to plan until 2030.
CropEnergies has production facilities in four locations with the following annual ethanol production capacities: Zeitz in Germany (400,000 cu m), Wanze in Belgium (300,000 cu m), Loon-Plage in France (190,000 cu m), and Wilton in Northeast England (400,000 cu m).
--Chrysa Glystra, email@example.com
--Edited by Jonathan Dart, firstname.lastname@example.org