December 4 (Renewables Now) - US ethanol company REX American Resources Corp (NYSE:REX) last week reported net profit attributable to common shareholders of USD 13.2 million (EUR 11.1m) for its fiscal third quarter, up from USD 8.9 million a year earlier.
Earnings rose in spite of a decline in gross profit as they were boosted by an income tax benefit the company recognised as a result of its recent investment in refined coal operations.
Gross profit from the ethanol and by-products operations declined to USD 18.3 million in the three months to the end of October 2017 from USD 20.2 million in the same period of 2016, while the refined coal operations recorded a USD-3.4-million gross loss.
Net sales and revenue increased 4.2% to USD 121.2 million thanks to a 6.2% rise in ethanol sales resulting mainly from a 5.7% increase in gallons of ethanol sold. The higher ethanol sales were partially offset by a 14.6% drop in dried distillers grains sales, affected by an 11.4% fall in prices.
In the nine-month period, net profit attributable to common shareholders increased slightly to USD 20.7 million from USD 20 million.
(USD 1 = EUR 0.844)