Ethanol production helped to more than double first quarter profits for number one ethanol producer Archer Daniels Midland.

Net income was up 116 percent in the quarter ending September 30 to a total of $403 million, much of that due to a more than 300 percent increase in corn bioproducts, mostly ethanol. ADM senior VP of Corporate Affairs Brian Peterson said profits were up versus last year on increased prices and they are looking forward to continuing involvement in the ethanol industry. “We have completed the permitting process for the 275 million gallon ethanol plant in Columbus, Nebraska and expect to complete construction in about 24 months. The 275 million gallon plant in Cedar Rapids (IA) is currrently in the permitting process.”

ADM intends to boost ethanol capacity by almost 50 percent to 1.6 billion gallons by 2008 to take advantage of increased demand for the alternative fuel as gasoline prices rise.

ADM’s complete first quarter earnings presentation is available on line here.