London—German ethanol producer CropEnergies, one of Europe’s largest makers of the biofuel, has cut its operating profit guidance for the second time in the financial year ending February after selling prices slumped. CropEnergies said Friday that operating profit is likely to come in between Eur33-43 million ($45-58 million), a Eur7 million decline from its previous estimate to the lowest level since 2009-2010. The new guidance compares with a record-high operating profit of Eur87 million achieved in the 2012-2013 financial year due to “high bioethanol prices and raw materials that were hedged at low prices,” the company said in a statement.
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