Green Plains Renewable raises revenue in Q1 2011

(ADPnews) - Apr 28, 2011 - US ethanol producer Green Plains Renewable Energy Inc (NASDAQ:GPRE) yesterday said its revenue soared to USD 812.2 million (EUR 546.8m) in the first quarter of 2011 from USD 426.5 million a year earlier.

The company produced and sold 172 million gallons (651.1 million litres) of ethanol, rising 39% on the year.

However, net profit more than halved to USD 7.7 million from USD 15.6 million, diluted earnings per share (EPS) dropped to USD 0.20 from USD 0.58.

Green Plains said it has decided to diversify its business, aiming to generate at least USD 50 million of total operating income a year from corn oil production, agribusiness operations, and marketing, blending and distribution activities.

The company has deployed corn oil extraction technology at six sites and expects to complete the installations at two more plants by the end of the second quarter. These projects had a positive impact on operating income this quarter, president and CEO Todd Becker said.

On March 24, Green Plains closed the USD-55-million acquisition of an ethanol plant in Minnesota from Otter Tail Ag Enterprises LLC, funded with cash and debt from a group of lenders.

(USD 1.0 = EUR 0.673)

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