REVENUE AT NTR’s US ethanol company Green Plains Renewable Energy climbed by almost 60 per cent to $453.4 million (€346.9 million) in the second quarter of this year. This compares to $284.7 million in the same period in 2009.

The company recorded net income of $8.7 million for the three months to the end of June, up from $600,000 in the same period last year.

Earnings before interest, taxes, depreciation and amortisation (ebitda) was $26.3 million in the period, compared to $11.2 million for the second quarter of 2009.

President and chief executive Todd Becker described the results as “solid”, and attributed the performance to the company’s focus on managing margins and maintaining a low-cost operating platform. The company had produced five consecutive quarters of profitable results, he said.

Revenues for the first half of the year were $879.8 million, up from $505.7 million for the same period of 2009.

The Nasdaq-listed company is North America’s fourth-largest ethanol producer. It operates six ethanol plants, with a capacity for approximately 500 million gallons.

NTR merged its US ethanol unit with Green Plains Renewable Energy in May 2008.

The company also strengthened its balance sheet during the quarter by channelling about $21 million of cashflow into debt reduction.

Green Plains said it expected to remain profitable for the last half of 2010, although ethanol industry margins were currently weaker than in the first half of the year.

“We believe expanded mandates for renewable fuels in 2011 combined with the profitability of ethanol blending should allow for a recovery in margins for the remainder of the year,” Mr Becker said.

He said the company would focus in particular on the deployment of corn oil extraction technology, which would provide attractive returns for shareholders.

NTR, which is an unlisted plc, employs more than 4,100 people.