GTL Resources returns to profitability at US ethanol margins enjoy a boost
18 November 2009
GTL Resources, the renewable fuels company that runs the Illinois River Energy ethanol plant in the US, returned to profitability in the six months to September 30, 2009.
Revenues increased by 48% to $107 million (£63.6 million), delivering a pre-tax profit of $2.5 million up from a loss last year of $5.9 million.
GTL credited the improvement to better market commodity margins of $0.53/gallon versus $0.31/gallon last year. In addition, the company’s ethanol production improved to 53 million gallons.
GTL’s chief executive, Richard Ruebe, said: “Leveraging its recently expanded plant capacity, its operational efficiencies and its locational advantages, GTL has delivered substantially improved financial results over the same period last year.”
Current annual US ethanol demand is now estimated at approximately 11 billion gallons, running at approximately 86% of the estimated 13 billion gallons in installed capacity. In calendar year 2010, the US Renewable Fuels Standard (RFS) calls for 12 billion gallons of ethanol to be blended into the fuel supply.
Ruebe said the company was optimistic that the current level of positive market margins for ethanol producers would continue.
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