Aug 7, 2013 - US biofuels and biochemicals producer Gevo Inc (NASDAQ:GEVO) on Tuesday said it had narrowed its second-quarter 2013 net loss to USD 15.2 million (EUR 11m) from USD 16.2 million a year ago.
The result includes a non-cash gain of USD 2 million related to changes in the fair value of embedded derivatives contained in the company's convertible senior notes. The company lost USD 0.35 per basic and diluted share in the reporting period, compared to USD 0.62 in the second quarter of 2012.
Operating loss stood at USD 13.8 million, compared with USD 15.7 million.
Revenues in the three months contracted to USD 1.9 million from USD 7 million. This is explained by the ethanol production halt at Gevo's Luverne, Minnesota plant in May 2012. The company did not generate any revenue from ethanol sales and related products in April-June, compared to USD 5.7 million a year back.
Gevo closed the first six months of 2013 with a net loss of USD 33.6 million, compared with USD 35.5 million a year back. Revenues dropped to USD 5.4 million from USD 21.9 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.