Rex American Resources hikes Q2 FY 2013/14 net profit
Sep 5, 2013 - Rex American Resources Corp (NYSE:REX), which has stakes in seven ethanol plants, on Wednesday said its net profit had grown to USD 6.7 million (EUR 5m) in its second quarter through July from USD 1.3 million a year earlier.
Profit attributable to Rex common shareholders stood at USD 5.8 million, rising from USD 806,000 in the same period of the prior fiscal year, helped by better ethanol crush spread margins and increased ethanol prices. “Rex generated the highest level of second quarter net income since entering the ethanol industry”, CEO Stuart Rose noted.
Pretax profit from continuing operations jumped to USD 10.4 million from USD 1.7 million. Pretax profit from the company’s alternative energy segment increased to USD 11.1 million from USD 2.4 million.
Rex boosted its revenue in the three months to USD 175.7 million from USD 153.2 million, with its alternative energy division accounting for USD 175.3 million.
Average selling prices per gallon of ethanol climbed to USD 2.38 from USD 2.12 in May-July 2012.
Rex closed the first half of fiscal 20113/14 with a net profit of USD 10.8 million, up from USD 2.8 million a year earlier. Revenues grew to USD 354.5 million from USD 304.2 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.