Profits as Green Plains up 35%

PROFITS AT Green Plains Renewable Energy, the US bio-diesel subsidiary of Irish utility NTR, grew over 35 per cent to $7.4 million (€5.34 million) in the third quarter of the year, figures released yesterday show.

NTR said revenues at Green Plains were up 38 per cent at $496 million in the three-month period ended September 30th from $362 million during the same quarter in 2009.

Net income for the quarter was $7.4 million, a 35.5 per cent increase on the $5.5 million it earned during the the same period last year.

Profits for the nine months ended September 30th were $31.6 million, compared with a $3.3 million loss in the first nine months of 2009. Sales grew almost 60 per cent to $1.376 billion from $867 million during the same period in 2009.

At the end of last month Green Plains agreed to buy smaller rival Global Ethanol, for $170 million, bringing its production capacity to 657 million gallons a year.

Green Plains president and chief executive Todd Becker predicted yesterday that the company would enjoy an even more profitable fourth quarter.

“In the past few months ethanol industry operating margins expanded as ethanol prices increased more than the recent increases in corn prices. As a result, we expect an even stronger fourth quarter.”

Green Plains Renewable Energy is based in Omaha, Nebraska.