NTR subsidiary Green Plains generates €5.3m net income

NTR’S bio-ethanol US subsidiary, Green Plains Renewable Energy, generated net income of $7.4 million (€5.29m), in the third quarter of 2010.

Diluted earnings per share rose to $0.23cent against 22cent for the same period in 2009. NTR holds more that 30% of the company.

Sales hit $496m for the three months under review compared to $362m for the same quarter of 2009.

“We are pleased to report our sixth consecutive profitable quarter,” said Todd Becker, president and chief executive.

All segments of the business contributed to the figures, he said.

The group “continued to take advantage of opportunities to lock away forward margins as they became available, ” said Baker.

It also had another strong operating quarter, producing over 129m gallons of ethanol, which exceeded expected capacity thanks to better production introduced over the last 12 month period, he said.

Sales for the first nine-months period ended September 30, 2010 were $1,376m compared to $867m. Net income attributable to Green Plains was $31.6m, or $1.05 per diluted share, compared to a net loss of $3.3m, or $(0.13) per share, for the same period of 2009.

“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,” said Becker.

Green Plains Renewable Energy, is North America’s fourth largest ethanol producer, operating six ethanol plants with annual expected operating capacity totalling 500m gallons.