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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.
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;))
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