SIRE reports net loss of over $670,000

Ethanol producer Southwest Iowa Renewable Energy (SIRE) has revealed that it made $674,031 (€477,867) in net losses for the second quarter which ended on 31 March 2011. This is lower than the company's $742,851 net loss reported in the same period in 2010.

Brian Cahill, SIRE's general manager and chief executive officer said, 'Our corn oil extraction implementation process is complete. This project has a positive effect on our operations and we expect the contributions from corn oil to grow as we progress through the fiscal year,' says Brian Cahill, general manager and CEO of SIRE.

'Ethanol margins have contracted in the second quarter, just as they did one year ago. However, we achieved a slight improvement with a reduced loss for the quarter, in spite of the challenging commodity price conditions. In addition, this period has been characterised by cost containment and specific measures to increase and carefully manage our liquidity. We also continue to focus on maximising ethanol production yields and coordinating rail car logistics to enhance our performance,' Cahill continues.