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CropEnergies AG Q1 Profit Declines; Adjusts FY Forecast On Lower Ethanol Prices

CropEnergies AG reported, according to preliminary figures, first-quarter EBITDA of 14 million euros compared to 33 million euros, prior year. The operating result decreased to 5 million euros from 23 million euros, prior year. The company said the main reason for the reduction is the significantly lower price of ethanol, which has not yet benefited from the higher oil price.

First-quarter revenues decreased by 17 percent to 192 million euros from 231 million euros, last year.

CropEnergies adjusted its forecast for the 2018/19 financial year as a whole, in particular due to the significant year-on-year decline in ethanol prices, and now expects revenues of 810 million to 860 million euros (previously expected: 840 million to 900 million euros) and an operating profit of 25 million to 55 million euros (previously expected: 30 million to 70 million euros). This is equivalent to an EBITDA of between 65 million and 95 million euros (previously expected: between 70 million and 110 million euros).

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