(Brookings, S.D.)– Ethanol producer Verasun Energy Corporation says its second quarter profit jumped 58 percent on higher production volume and an increase in average per-gallon prices.
The Brookings, South Dakota-based company reported net income of nearly $24 million, or 15 cents per share, in the second quarter.
Revenue increased nearly sixfold to one billion dollars, up from 170 million in the year-ago quarter.
Verasun completed its buyout of U-S Bioenergy Corporation during the quarter, adding five ethanol plants and 420 million gallons in volume.
The firm expects to have a capacity of 1.6 billion gallons from 16 plants by the end of the year.
Verasun owns plants in Hartley and Welcome, Minnesota. Those plants have yet to start production.
(Story from the Associated Press.).
