Aug 9, 2012 - US synthetic and green fuel technology firm Syntroleum Corp (NASDAQ:SYNM) Wednesday said it had turned to a net profit of USD 5 million (EUR 4m) in the first half of 2012, from a USD-9.4-million loss a year ago.
Operating profit was USD 8 million, against an operating loss of USD 1.8 million a year back.
Revenue stood at USD 12.1 million, up from USD 2 million. It comes from the provision of engineering services to Dynamic Fuels, Syntroleum's 50/50 animal fat-to-biofuel joint venture with Tyson Foods Inc (NYSE:TSN), and other customers, as well as royalties from commercial biofuel production at Dynamic Fuels. Syntroleum recognised unearned revenue of USD 6 million from an expired licence agreement.
Dynamic Fuels LLC reported a USD-3-million net loss for the six months through March, compared with a negative result of USD 6.9 million a year earlier. It sold 19.9 million gallons (75 million litres) of green fuels, up from 5.8 million. The joint venture's results are being reported with a three month lag.
At the end of June, Syntroleum had USD 18.3 million in cash on hand.