Aventine Renewable sales grow in Q2 2011

Aug 9, 2011 - US ethanol and related byproducts manufacturer Aventine Renewable Energy (PINK:AVR) reported on Monday second-quarter revenues of USD 213 million (EUR 150m), compared to USD 96.9 million a year before.

The company saw its operating loss widen to USD 16.8 million from USD 8.3 million a year earlier. During the reporting period, Aventine had production problems at its Mt Vernon factory, which had to be shut down. Production at the facility has been stabilised in the third quarter of 2011, the company said.

Net loss for the second quarter 2011 came in at USD 23.9 million, compared to USD 9.3 million a year before.

The company posted revenues of USD 411.1 million for the six months through June and a net loss of USD 43.1 million. In March 2010 Aventine emerged from a Chapter 11 restructuring. Revenues for the four months to June 30, 2010 and the two months to February 28, 2010 were USD 133.9 million and USD 77.7 million respectively. Net loss was USD 16.4 million and USD 266.3 million for the post-emergence and pre-emergence periods, respectively.

(USD 1.0 = EUR 0.702)

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