The increased profits were mostly driven by the company’s investments in renewable fuels and ethanol plants, which generated $61.4 million during the latest quarter. By comparison, REX received $2.7 million from retail operations and $341,000 from real estate.
The company, once a retailer of consumer electronic products, shut down its retail operations earlier in 2009. The retail revenue reflected in the latest quarter came as the result of deferred income from service contracts, REX said. The real estate revenue reflects rental income derived from owned and sub-leased property, including sites formerly used as retail stores and distribution centers, REX said.
In the second quarter, REX reported that profits fell 31 percent, when the company earned $837,000, or 9 cents per share, compared with $1.2 million, or 11 cents per share, during the same period a year earlier.