November 1 (Renewables Now) - US ethanol producer Pacific Ethanol Inc (NASDAQ:PEIX) on Wednesday posted wider net loss for the third quarter of 2018, but said it is encouraged by the upcoming change on E15 sales.
Net loss available to common stockholders expanded to USD 7.8 million (EUR 6.8m) from USD 521,000 a year ago as net sales fell to USD 370.4 million from USD 445.4 million. Gross profit dwindled to USD 3.8 million from USD 12.1 million and the company swung into an operating loss of USD 5.2 million from a USD-3.3-million profit.
In the nine-month period, net loss widened to USD 29.2 million from USD 22.6 million as net sales declined USD 1.18 billion from USD 1.24 billion.
"We are encouraged by President Trump’s direction to the Environmental Protection Agency to extend E15 availability year-round, nationwide, as this creates a significant growth opportunity for the ethanol industry," said president and chief executive Neil Koehler. The CEO added that in the current challenging market conditions, the company is underpinned by a solid balance sheet and its focus on product diversification, cost cuts and carbon advantages.
(USD 1 = EUR 0.876)