CropEnergies released preliminary figures for the first quarter of fiscal year 2020/2021 on Wednesday. The Südzucker subsidiary reports a drop in sales from EUR 203 million to EUR 171 million. Operating profits also fell: On an EBITDA basis, Mannheimers reported a profit decline from EUR 26 million to EUR 18 million, and the operating result fell from EUR 15 million to EUR 8 million. However, the result is somewhat better than expected: “In the end, only a balanced operating result for the first quarter was expected,” said CropEnergies.
“After CropEnergies had achieved a record result in the previous financial year, the corona pandemic is expected to continue to show a significant decline in sales and operating profit for the entire 2020/21 financial year,” the company says for the forecast for the entire 2020/2021 financial year . More specifically, they want to comment on the expected numbers later in the year.
Compared to the first quarter, better numbers are expected in the second quarter of 2020/2021. The background to this is the easing of restrictions that should limit the spread of the pandemic. “This should go hand in hand with an increase in fuel demand in general and demand for renewable, low-carbon energy in particular,” said CropEnergies. The company has also increased ethanol production, which plays an important role in the production of disinfectants.
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