German bioethanol firm CropEnergies (ETR:CE2) last week reported a record operating profit of EUR 98 million (USD 109m) for the 12 months to the end of February 2017 on the back of a substantial increase of production.

The company grew its revenues by 11% year-on-year to EUR 802 million as higher production and sales volumes of bioethanol, and food and animal feed, more than offset the lower prices in both sectors. Bioethanol production increased to 1,030,000 cu m from 837,000 cu m, mainly as a result of the restart of the plant in Wilton, UK in July 2016.

CropEnergies expects European ethanol demand to increase slightly in the 2017/18 financial year, while ethanol prices are expected to be lower than in the December 2016-February 2017 fiscal quarter. The company projected 2017/18 revenues of between EUR 800 million and EUR 875 million.

CropEnergies said its future investments will be largely dependent on the EU legal framework for the 2020-2030 period.

 

Article by Renewables Now: CropEnergies' higher volumes offset lower prices in FY 2016/17