Higher European ethanol prices help CropEnergies boost operating results

In Germany, Suedzucker said a strong recovery in ethanol sales revenues from the prior year’s low level was a major contributor to increased revenues for CropEnergies during Q1 with revenues moderately higher than last year at EUR185 million compared to EUR176 million last year. Lower sales volumes were more than offset by higher sales revenues. The operating result improved substantially to EUR15 million compared to last year’s EUR5 million. The strong growth in ethanol sales revenues more than compensated lower volumes and higher raw material costs.