AIB Corporate Banking
Irish News
29/07/2010 : 12:11:19 NTR's biofuel unit sees revenues double
Revenues at NTR's US-based bio-ethanol unit, Green Plains Renewable Energy, nearly doubled in the second quarter to USD453.4m compared to USD284m in the same period last year, it said today.
Net income attributable to Green Plains was USD8.7 million, or USD0.27 per diluted share, compared to net income of USD0.6 million, or USD0.03 per diluted share, for the same period of 2009.
Revenues for the six-month period ended June 30, 2010 were USD879.8 million compared to USD505.7 million for the same period of 2009. Net income for the six-month period ended June 30, 2010 was USD24.3 million or USD0.83 per diluted share compared to a net loss of USD8.7 million or USD(0.35) per share for the same period of 2009.
EBITDA, which is defined as earnings before interest, income taxes, non-controlling interests, depreciation and amortisation, was USD26.3 million for the quarter ended June 30, 2010 compared with USD11.2 million for the same period of 2009. Green Plains had available liquidity of USD224.0 million, including USD180.9 million total cash and equivalents, and USD43.1 million available under committed loan agreements (subject to satisfaction of specified lending conditions and covenants) at June 30, 2010. EBITDA for the six-month period ended June 30, 2010 was USD59.5 million, compared to USD10.6 million for the same period of 2009.
"We produced solid results in the second quarter because of our focus on managing margins and maintaining a low cost operating platform," said Todd Becker, President and Chief Executive Officer. "Ethanol production increased again this quarter to over 129 million gallons as a result of our incremental investment in process enhancements. We believe our six plants are now capable of sustained production of over 500 million gallons per year, which has driven our operating cost per gallon lower. We are continually looking for ways to become more efficient and more effective throughout our operations," Becker added.
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