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China Biodiesel International
- BY: Andrew Hore |
- POSTED: 20/04/2009 |
China Biodiesel International lost money in the second half of 2008 but it expects to make a rapid recovery in 2009.
The biodiesel producer reported an increase in revenues from RMB125m to RMB164m even though profits fell by nearly three-quarters to RMB4.31m. There is no dividend for 2008.
China Biodiesel sold more higher margin biodiesel and it is developing a new sufactant product that is a byproduct of this higher margin biodiesel. This will help to earn extra revenues from the same waste animal and vegetable oil feedstock.
China Biodiesel moved from a net cash position to net debt of RMB20.9m. Stocks and debtors both increased significantly and capital expenditure was RMB18.4m.
Shares in China Biodiesel recovered 1p to 4.625p each, which values the company at £2.1m.
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