GTL Resources PLC (“GTL”) Provided Business Update At Annual Shareholder Meeting
CHICAGO, Sept. 28, 2011 /PRNewswire/ — GTL Resources PLC (AIM: GTL) today conducted its annual meeting in London, England and commented on the state of its business. Julia Henderson, the non-executive chairman of the U.S. based bio-refining company, commented on year-to-date trends and reaffirmed the current business approach:
- “GTL is pleased to report that margins are in line with expectations and in the six month period ending September 30, 2011 closely tracked the seasonal margins for the same six month periods in the previous two years.
- Although upcoming industry margins may have some temporary volatility due to the anticipated December 31, 2011 expiration of the ethanol blender’s credit, we continue to believe in the long- term strength of the ethanol industry.
- Over the course of 2012, we expect that the 13.2 billion corn-based ethanol gallons mandated by RFS2 (up by 0.6 billion gallons over 2011), the steadily growing amount of US ethanol exports, and the gradual introduction of 15% ethanol blends for newer model cars in the US (up from 10% allowable today) together will all have a positive impact on industry demand. These favorable demand factors should continue to support industry margins.
GTL’s management team continues to improve operations and remains committed to optimizing financial results and shareholder value. We are in the early years of understanding the full potential of a vertically integrated bio-refining company so our early success has us excited for the future.”
GTL expects to formally release first half earnings in approximately 7 weeks.
Contact: Richard Ruebe, 1-630-773-1226
SOURCE GTL Resources PLC