Cropenergies' quarterly profit triples on higher ethanol volumes, prices (updated)

CropEnergies AG

12/10/2022 06:38

(Adds details, context)
       Oct 12 (Reuters) - German biofuel producer Cropenergies
 CE2G.DE  said on Wednesday its second-quarter core profit
tripled thanks to significantly higher sales volumes of ethanol
at increased prices.
    The company's earnings before interest, taxes, depreciation
and amortisation (EBITDA) came in at 103 million euros ($100
million) in the three months to Aug. 31, compared with 34
million a year earlier.
    The subsidiary of Europe's largest sugar refiner Suedzucker
 SZUG.DE  said higher sales revenues from products sold more
than offset the impact from significantly increased raw material
and energy costs.
    It confirmed the full-year outlook for a revenue between
1.47 billion and 1.57 billion euros and an EBITDA of 255-305
million euros.
    In September, Cropenergies said it might have to reduce or
temporarily shut down production at some of its ethanol plants
due to rising energy and raw material costs.  urn:newsml:reuters.com:*:nL8N30Q1WE
    The company's ethanol production has been hit by higher
ethanol imports into the European Union and Britain from Brazil
and the United States, where the sales prices for the biofuel
have been reduced.
    Cropenergies said the cost pressures were increasing for
ethanol production, calling on political decision-makers to
support companies with energy-intensive production and to ensure
a level playing field on the European ethanol market.
    The company's second-quarter sales reached 450 million
euros, compared to 249 million euros a year ago.
($1 = 1.0297 euros)
 (Reporting by Bartosz Dabrowski in Gdansk; editing by Milla
Nissi)
 ((bartosz.dabrowski@thomsonreuters.com ; +48 587720995;))