German biofuel producer Cropenergies said its main second-quarter earnings tripled thanks to increased ethanol sales volumes at higher prices, raising its shares by 12 percent. The company's earnings before interest, taxes, depreciation and amortization (EBITDA), as reported by Reuters, rose to 103 million euros ($100 million) in the three months to August 31, compared with 34 million a year earlier.

The subsidiary of Europe's largest sugar refinery, Suedzucker, said higher sales revenues from products sold more than offset the impact of the rise in energy and raw prices.

"We believe the second quarter results were excellent," Hartmut Moest, an analyst at Matelan Research told Reuters. He added that Cropenergies has already reached 75% of its guidance for the full year in the half year.

The company maintained its revenue outlook of 1.47-1.57 billion euros and EBITDA of 255-305 million euros this year. However, Cropenergies warned of increasing cost pressures for ethanol producers and urged politicians to support energy-intensive companies and ensure a level playing field in the European ethanol market.

Source: RPA news