China Biodiesel figures remain flat despite signs of upturn
09 February 2010
China Biodiesel, the company that makes biodiesel for the Chinese market, saw shipments from its Longyan and Xiamen facilities enjoy a boost during the fourth quarter of 2009, helped by a recovery in the global economy.
As a result, total shipment volumes for the year to December 31, 2009 reached approximately 39,000 tonnes, up from 25,273 tonnes in 2008. The increased volume also reflected eight months of production at the company's Xiamen plant.
Despite the production improvements and better gross margins in the latter part of the year, average selling prices remained depressed meaning that full year revenues are expected to be in line with 2008 figures. Government subsidies continued to buoy the accounts, leaving China Biodiesel anticipating a full year pre-tax profit of RMB 11 million (£1.0 million). Free cash generated in the second half of the year was used to reduce its bank loans by RMB14 million.
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