American ethanol producer, Pacific Ethanol Inc. , saw revenue grow in the first quarter, though losses continued, BIZ Journal reported citing a company’s report.
The company reported sales of $225.5 million, up from $197.7 million in the year-earlier period. The company attributed the change to the higher price of ethanol being sold. The average price per gallon was $2.60 in the first quarter, compared to $2.34 in the year-earlier period.
The company’s gross profit swung from a loss of $7.5 million last year to a gain of $846,000 this year. But the loss available to common stockholders widened slightly to $5.8 million, compared to $5.3 million in the same quarter in 2012.