California-based Pacific Ethanol Inc. posted a net profit of $4.6 million for the third quarter of 2011 compared to a loss of $12.1 million a year ago, the company said late Wednesday.
In the nine months ending September 30, Pacific Ethanol had net losses of $4.8 million compared to a loss of $29.8 million in the year earlier.
Net sales hit an all-time high of $271.6 million in the period, surging almost sixfold on 2010 due to a 22% increase in total gallons sold and a 54% rise in sales prices, the company said.
The average third-quarter ethanol price rose to $2.97/gallon from $1.93/gallon in 2010, according to Pacific Ethanol's financial statement. In the meantime, costs for feedstock corn rose to $6.90/bushel from $4.25/bushel last year, it added.
Gross profit doubled to $8.2 million year-on-year due to an "improved commodity margin environment and the contribution from the three...plants that were operational during the period," while capacity was partly idled in 2010, the company said said.
