Germany's CropEnergies said Wednesday it raised ethanol production 18.9% on the year to 735,000 cu m in the first nine months of financial year 2016-17 to November 30, from 618,000 cu m a year earlier. This also resulted in increased food and animal feed volumes.
The company said the increase in production was due to the restart of the Ensus plant in Wilton, UK in July 2016 which meant the Group could use its entire production potential of 1.3 million cu m of ethanol.
As a result, revenue climbed to Eur565 million ($593 million) from Eur558 million the previous year.
Due to a higher-than-expected contribution in the third quarter, CropEnergies increased its forecast for the current financial year to the end of February to Eur760-790 million, up from Eur670-720 million.
The company said the increase in volume and lower raw materials prices more than offset the effect of lower prices during the period.
CropEnergies said in response to the European Commission's energy proposals for 2030, the company is campaigning along with national and European associations for a higher share of renewable fuels in the transport sector, including both crop-based and alternative fuels.
Given uncertainty around the future legal framework, the long term outlook is somewhat unclear. But the company said it remains optimistic for the growth of the market in the medium-term.
