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CropEnergies AG Prelim. Q2 Profit Declines; Confirms Forecast - Quick Facts

CropEnergies AG reported that, according to preliminary figures, second-quarter operating result was 9.3 million euros compared to 23.7 million euros, prior year. EBITDA reduced to 19.1 million euros from 33.4 million euros.

Second-quarter revenues were 200.8 million euros compared to 228.7 million euros, last year. The company said the main reason for the reduction of revenues and result is the significantly lower ethanol price compared to the previous year, as well as the increase in raw materials and energy costs. Production was reduced by 13 percent to 494,000 cubic meters of ethanol.

CropEnergies confirmed its previous forecast. For the 2018/19 financial year as a whole, revenues of 810 to 860 million euros, and an operating profit of 25 to 55 million euros are expected. This is equivalent to an EBITDA of between 65 and 95 million euros.

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