Boston, MA 07/16/2013 (wallstreetpr) – Energy Crop company, Ceres Inc (NASDAQ:CERE), announced today its financial results for the quarterly period ended on the 31st of May, 2013. The financial report had an update on the company’s operations in Brazil, which was considered its largest business opportunity.
Ceres Inc (NASDAQ:CERE) reported that the mills of Brazil were making continuous progress in their crop performance ended in May. The sugar that was fermented into ethanol was 50% more than what was yielded in the previous season. The reason for the boost in the increase in productivity is due to the improvement in biomass quality, improved crop supervision, as well as a better crop growing setting at the various mills.
Richard Hamilton, President and Chief executive of Ceres, said that it is possible to obtain maximum productions from the plantations by adopting advanced plantation methods. This will allow the company to remain in the top position in sweet sorghum sales in Brazil market.
Business Highlights Ending On The 31st Of May
According to customer reports, Ceres production is successfully competing against many similar products, with a yield between 450 and 3600 liters. There are some mills which produced more than 20% of the other mills resulting to 2100 to 3300 liters per hectare. In the coming growing season, yields are going to be better due to the adoption of more advanced techniques.
Financial Results Until The 31st Of May
Total revenue that was generated from May, 2013 sales landed up to $1.4 million, much higher than that of last year. Although overall revenue is high, Ceres faced significant losses due to the new sophisticated techniques and scientific methods being adopted. Losses have summed up to $9.3 million or $0.38 per share, higher than those of previous years.
