MANNHEIM (dpa-AFX) - The biofuel producer Cropenergies is even more pessimistic about the financial year that runs until the end of February due to the sharp drop in ethanol prices. According to a statement on Friday, the management expects annual sales of 1.23 to 1.25 billion euros. On average, this would be a significant decline compared to the EUR 1.49 billion achieved in the previous financial year, after previously forecasting EUR 1.24 to 1.30 billion. The operating result is now expected to reach 40 to 60 million euros instead of 70 to 100 million euros. In the previous year, thanks to high biofuel prices as a result of Russia's war against Ukraine, the figure was 251 million euros.

In the third quarter of the past financial year, Cropenergies' turnover fell by just under 5 percent to 312 million euros compared to the same period of the previous year. The operating result fell by just over half to 27 million euros.

Cropenergies shares only came under more significant pressure briefly on Friday. They quickly made up for their losses and recently traded slightly higher again. The shares of the parent company Südzucker rose by around half a percent./mis/jha/