Novozymes expects U.S. ethanol market recovery after Q1 drop
COPENHAGEN, April 25
COPENHAGEN, April 25 (Reuters) - Danish industrial enzymes producer Novozymes' expects the U.S. ethanol market to recover in the next three quarters after a drop in the first quarter.
"The expectation is that bioethanol production in the United States in 2013 will be at the same level as in 2012," Chief Financial Officer Benny Loft told Reuters after the company reported a smaller-than-expected rise in first-quarter operating profit.
"That means we will need to see a significant rise in ethanol production in the coming nine months," he said, adding: "We have seen the first signs of that."
($1 = 5.7374 Danish crowns) (Reporting by Copenhagen newsroom; editing by Jason Neely)