Green Plains Renewable Energy becomes first ethanol major to eke out a profit in late 2008

In Nebraska, Green Plains Renewable Energy reported revenues of $186.9 million and a net loss of $1.8 million for the nine months ending December. The company completed a merger with VBV in this period and now has 330 Mgy of ethanol capacity. Excluding merger costs, the company recorded a small net profit. Company executives, who recorded cash reserves of $64.8 million, expressed delight with the modest returns given the distress across the ethanol industry.

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