Green Plains lifts net profit in Q2

US ethanol producer Green Plains Inc (NASDAQ:GPRE) increased its net profit to USD 8.2 million (EUR 7.5m) in the second quarter of 2016 from USD 7.8 million a year ago as revenues grew.

The company earned USD 0.21 per diluted share, compared to USD 0.19 previously.

Revenues expanded to USD 887.7 million from USD 744.5 million, with revenues from ethanol, corn oil and grain sales increasing USD 103.4 million, USD 21.4 million and USD 11 million, respectively. The ethanol crush margin was USD 0.17 per gallon, below the USD 0.20 per gallon in the same quarter of 2015.

Green Plains produced a record 274.3 million gallons (1.038 billion litres) of ethanol in the period. President and chief executive Todd Becker said that with the current ethanol margin environment, the company expected stronger production levels in the second half of the year. "Ethanol demand continues to grow, supported by a 3% growth in domestic ethanol consumption and a 6% increase in U.S. ethanol exports year-to-date," he added.

The company still recorded a net loss of USD 15.9 million in the first half of the year, versus a USD-4.5-million profit a year ago.

(USD 1.0 = EUR 0.909)

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