Cropenergies' profit triples on higher ethanol volumes, prices

Oct 12 (Reuters) - German biofuel producer Cropenergies (CE2G.DE) said on Wednesday its second-quarter core earnings tripled thanks to increased sales volumes of ethanol at higher prices, sending its shares up 12%.

The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 103 million euros ($100 million) in the three months to Aug. 31, compared with 34 million a year earlier.

The subsidiary of Europe's largest sugar refiner Suedzucker (SZUG.DE) said higher sales revenues from products sold more than offset the impact of soaring energy and raw material prices.

"We believe that Q2 results were excellent," Matelan Research analyst Hartmut Moest said. He added Cropenergies had already reached 75% of its full-year guidance at the half-year point.

The company maintained its outlook for revenue of 1.47-1.57 billion euros and an EBITDA of 255-305 million euros this year.

However, Cropenergies warned of increasing cost pressures for ethanol producers, and called on politicians to support companies with energy-intensive production and to ensure a level playing field on the European ethanol market.

In September, Cropenergies said it might have to reduce or temporarily shut down production at some of its ethanol plants due to rising energy and raw material costs.

The company's ethanol business has also been hit by higher ethanol imports into the European Union and Britain from Brazil and the United States, where sales prices for the biofuel have been reduced.

The company's second-quarter sales reached 450 million euros, compared with 249 million euros a year earlier.

($1 = 1.0297 euros)

Reporting by Bartosz Dabrowski in Gdansk; editing by Milla Nissi and Mark Potter

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