Verbio with sharp drop in profits due to high costs and low sales prices

Higher energy and raw material costs as well as lower sales prices have weighed heavily on biofuel producer Verbio. Earnings before interest, taxes, depreciation and amortization (Ebitda) fell by just over half to around 240 million euros in the past fiscal year (to the end of June), the Leipzig-based company announced on Tuesday. The result was thus just as high as the group had recently forecast. Experts had expected a slightly higher result on average. Verbio is targeting an operating profit of 200 million to 250 million euros for this fiscal year.