Novozymes slashes 2009 outlook on US ethanol industry slump but reports net profit rise for Q1

In Denmark, Novozymes announced higher net profits for the first quarter but slashed its 2009 revenues outlook in response to plunging demand in the US. The company said growth would be “slightly positive” after previously offering a 3-8 percent target for revenue growth. The company said it was surprised by the scope of the US slump and in particular the bankruptcy of VeraSun Energy, the company’s largest US client.

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