Pacific Ethanol release up and down Q1 results
US-based producer and marketer of low-carbon renewable fuels Pacific Ethanol (PE) has reported a first quarter loss of $5 million (€3.8 million) compared to a small profit of $18 million for the three-month period a year earlier.
However PE also boosted its year-on-year revenue by 14% and increased total gallons of ethanol sold by 36% over the same quarter last year, meaning a total of 114.8 million gallons were sold in the quarter.
This was put down primarily to a boost in revenue from an increase in gallons of ethanol sold for other companies. Total revenue was $197.7 million for the quarter, compared to $173.1 million a year ago.
In a statement PE president and CEO Neil Koehler says: ‘While our bottom line was impacted by a compressed margin environment during the quarter, we remain focused on diligently managing our costs, increasing operating efficiencies and co-product revenues, and expanding our business operations to take advantage of extraordinary opportunities in the biofuels industry.’