Green Plains returns to profit in Q2 2013

Jul 31, 2013 - US ethanol producer Green Plains Renewable Energy Inc (NASDAQ:GPRE) registered a net profit of USD 6 million (EUR 4.5m) for the second quarter of 2013, after losing USD 7.6 million a year back.

In a statement on Tuesday, the company said it had earned USD 0.19 per diluted share in the three months, against a loss per share of USD 0.25 in the same period of 2012. Each of Green Plains' business divisions had positive results and thus helped improve the overall profitability of the company, president and CEO Todd Becker said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to USD 30.5 million from USD 11.4 million.

However, revenues declined to USD 804.7 million from USD 870.4 million. Green Plain's ethanol production unit produced and sold 172 million gallons of ethanol in the reporting period, or about 93% of its total output capacity.

For the first half of the year, the ethanol producer posted a net profit of USD 8.5 million, against a loss of USD 20.2 million a year ago. Revenues remained almost unchanged at USD 1.6 billion. In view of the current market structure, Green Plain's CEO expressed his expectations for better second-half performance.

(USD 1.0 = EUR 0.754)

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