Agrana Upgrades Its Guidance As Ethanol Prices Improve
22 Sep 2015 --- In the first half of 2015/16 (the six months to 31 August 2015) Austrian agri-food company Agrana achieved operating profit (EBIT) of €68.7 million, compared with €87m for the same period last year. It has, however, upgraded its guidance, to reflect higher ethanol prices, a key part of the company's starch business.
Group revenue in the first six months of 2015/16 was €1.3bn, a decrease of 1.7% from one year earlier.
While EBIT in the Sugar segment was down significantly year-on-year as a result of the market environment, operating profit rose strongly in the Starch segment thanks to the higher market prices for ethanol.
In view of the Group’s solid first-half EBIT and the improved margin forecast in the ethanol business, Agrana is upgrading its guidance for EBIT in the 2015/16 financial year from "significantly" to "moderately" below the prior year.
The report on the first half of 2015/16, including further details on the segments and the outlook for 2015/16, will be published on 8 October 2015.
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