Pacific Ethanol reports Q1 op loss of $81m

20 May 2008 04:37  [Source: ICIS news]

SINGAPORE (ICIS news)--US-based Pacific Ethanol has posted a first-quarter operating loss of $81.3m  (€52m) as opposed to a profit of $5.8m in the first quarter of 2007 on a non-cash goodwill impairment charge of over $87m, it said.

The ethanol manufacturer’s net sales increased 63% to $161.5m on a substantial increase in sales volume spurred by lower average selling prices it added in a statement released late on Monday.  

Going forward, the firm intended to keep overhead costs steady and expected to achieve 220m gallons/year of ethanol production capacity in 2008, and increase total production capacity to 420m gallons/year in 2010.

($1=€0.64)

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By: Bohan Loh
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