European ethanol producer CropEnergies has released financial and operational results for the first three quarters of its fiscal year, which began March 1, 2022, reporting increased ethanol production and higher revenues.

CropEnergies produced 811,000 cubic meters (214.24 million gallons) of ethanol during the nine-month period, up from 778,000 cubic meters produced during the same period of the previous fiscal year. The company currently operates four biorefineries located in Wilton, U.K.; Loon-Plage, France; Wanze, Belgium; and Zeitz, Germany.

Revenues for the period reached EUR 1.177 billion, up from EUR 781 million. CropEnergies primarily attributed to the increase revenues to higher sales volume and sales prices, both for ethanol and food and feed coproducts. Significantly higher revenues for the products sold more than offset the negative impacts from higher raw material and energy costs.

CropEnergies reported EBITDA of EUR 267 million for the nine-month period, up from EUR 125 million. Operating profit was EUR 235 million, up from EUR 94 million.

Moving into the final quarter of the current fiscal year, the company said continuing high energy and raw materials costs coupled with recent declines in ethanol prices is putting pressure on earnings. The company now expects operating profit for the full fiscal year to be in the range of EUR 225 million to EUR 255 million, compared to a previous estimate of EUR 215 million to EUR 265 million.