CropEnergies predicts higher revenues in 2011

Despite a difficult start to the year for Germany-based bioethanol producer CropEnergies, the company remains optimistic for the new financial year, which began on 1 March 2011.

The previous business year, which ended on 28 February 2011, saw the company make €374 million in revenues and €12 million operating profit. However CropEnergies expects its revenues for the 2011 business year to increase to more than €440 million, with over €49 million in operating profits.

The country is currently experiencing some difficulties in introducing E10 at German petrol stations and CropEnergies sees the main reason for this failure as customer uncertainty.

'The reports published on 3 March 2011 about the alleged stop of the E10 introduction is just one example of the misleading information which is currently circulating,' says Lutz Guderjahn, member of the Executive Board of CropEnergies. 'All parties involved must now work at comprehensively informing the consumers as quickly as possible about the new fuel.'