Dec 4, 2013 - Rex American Resources Corp (NYSE:REX), which has stakes in seven ethanol plants, said Tuesday it had boosted its August-October 2013 net profit to USD 11.5 million (EUR 8.5m) from USD 893,000 a year earlier.
In its fiscal third quarter, the company grew its profit attributable to common shareholders to USD 9.9 million from USD 409,000. ““Our strong third quarter results highlight the efficiency of our plants and the benefit of the recovery in US corn production,” CEO Stuart Rose said. He also projected considerable year-on-year earnings growth for the three months through January 2014 on the back of the strong corn harvest and ethanol’s discount to petrol.
The company’s sales and revenue in August-October stood at USD 166.5 million, falling from USD 178.8 million a year before.
Average selling prices per gallon of ethanol declined to USD 2.25 from USD 2.38.
Rex American Resources closed the first nine months of its fiscal year with a net attributable profit of USD 19.2 million, marking an increase from USD 2.1 million in the same period of the prior fiscal year. Revenue was up 8% to USD 520.9 million.
(USD 1.0 = EUR 0.736)
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