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Pacific Ethanol Inc.'s third-quarter loss just got worse, although the adjustment won't affect the company's cash outlays.
The Sacramento ethanol producer said today it's increasing its non-cash "impairment charge" stemming from its decision last fall to suspend construction on a plant in the Imperial Valley.
The charge was increased to $40.9 million. Last week, in announcing its earnings, the company pegged the charge at $26.6 million.
That means the company's total loss for the quarter came to $69.2 million, or $1.23 a share.
Pacific Ethanol's profit margins have been shrunk by lower ethanol prices and higher costs for corn, the main ingredient in the fuel additive.
The announcement was made after the close of stock trading. Pacific Ethanol shares closed at 70 cents, down 3 cents, on the Nasdaq market.
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