India, Sept. 2 -- REX American Resources Corporation (REX), an ethanol producer and marketer, on Wednesday reported significantly higher second-quarter profit, helped by production tax credit benefits, a jump in equity income from unconsolidated affiliates and improved pricing.
Net income attributable to REX common shareholders increased to $34.94 million, or $1.06 per share, from $7.11 million, or $0.22 per share a year ago.
The company recorded $18.41 million in production tax credit income, compared with none a year earlier, while equity in income of unconsolidated affiliates increased to $7.20 million from $0.89 million.
Gross profit increased to $53.30 million from $14.32 million a year earlier, reflecting improved crush margins and...