Pacific Ethanol Inc (NASDAQ:PEIX) said Wednesday its net profit for the second quarter of 2016 has ballooned by 594.2% year-on-year to USD 4.7 million (EUR 4.3m).
“Our success in improving plant performance across the fleet and realising significant synergies from our acquisition of our Midwest assets allowed us to generate significant operating income within the stronger market environment,” president and CEO, Neil Koehler, said. The company, which makes low-carbon renewable fuels in the US, more than doubled the scale of its operations by purchasing four Midwestern ethanol plants in July 2015 and now has a total of eight.
Pacific Ethanol’s April-June adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) soared to USD 20.4 million from USD 5.4 million in 2015, its results show.
Net sales in the second quarter of this year rose 86% to USD 422.9 million. Pacific Ethanol sold the record-high 233.2 million gallons (882.8 million litres) of ethanol in the period, compared to 140.7 million gallons in the same three months of 2015. Sales included 122.5 million gallons of own production and 110.7 million gallons of third-party ethanol. The average price per gallon declined to USD 1.72 from USD 1.76 a year ago.
For the first half of 2016, Pacific Ethanol's net loss widened to USD 8.8 million from USD 4 million a year back. This came in spite of a jump in revenues to USD 765.2 million from USD 433.8 million.
(USD 1.0 = EUR 0.909)
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