Biofuel maker CropEnergies Q2 sales drop on lower volumes and ethanol prices (updated)

CropEnergies AG

11/10/2023 06:39

(Adds outlook and background from paragraph 3)
       Oct 11 (Reuters) - German biofuel producer CropEnergies
 CE2G.DE  reported a 31% drop in second-quarter revenue on
Wednesday, as ethanol prices fell from last year's record levels
and scheduled maintenance shutdowns led to lower production and
sales volumes.
    The company's sales fell to 309 million euros ($327.57
million) in the three months to the end of August, from 450
million a year earlier.
    Ethanol prices fell at the end of last year and have so far
remained at lower levels.
    The subsidiary of Europe's largest sugar refiner Suedzucker
 SZUG.DE  said it expected volatility in sales, raw materials
and energy markets, which was heightened by the war in Ukraine
last year, to decrease gradually.
    CropEnergies, which makes ethanol and animal feed from
renewable materials such as biomass, reiterated its outlook for
the 2023/24 financial year, including annual revenue in a range
of 1.27 billion to 1.37 billion euros.
($1 = 0.9433 euros)

 (Reporting by Anastasiia Kozlova and Mateusz Dobrzyniewski in
Gdansk; editing by Milla Nissi)
 ((Anastasiia.Kozlova@thomsonreuters.com;
Mateusz.Dobrzyniewski@thomsonreuters.com))