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CropEnergies Q1 Revenues, Operating Profit Climb; Lifts FY18 Forecast

CropEnergies AG, affiliated to German sugar producer Suedzucker AG (SUEZF.PK), Monday announced first-quarter preliminary results, reporting 38 percent increase in revenues to 231 million euros from last year's 168 million euros. Operating profit improved 21 percent to 23.5 million euros from prior year's 19.4 million euros.

According to the company, the main reason for the improved operating profit was the high utilization of all production facilities. In the prior year quarter, the production plant in Wilton, UK, was still temporarily shut down. Also, the realized ethanol prices were above the originally expected forward prices for the first quarter.

The company will report the detailed first quarter results on July 12.

Further, the company lifted its forecast for fiscal 2018. Revenues are expected in a range of 850 million euros and 900 million euros, compared to previous forecast of 800 million euros to 875 million euros. Operating profit is now expected to reach between 50 million euros and 90 million euros, compared to previous forecast of 40 million euros to 80 million euros.

by RTTNews Staff Writer

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