09 May 2007 17:15 [Source: ICIS news]
PRAGUE (ICIS news)--Poland’s Elstar Oils first quarter operating profit is set to fall 48% year-on-year to zloty (ZI)2.4m (€637,800/$863,800), said the KBC securities house on Wednesday.
Last year, Elstar was identified as a Polish enterprise that could expand quickly on the back of the biofuels expansion, but the company has been hit by Polish government delays in authorising the biofuels market and drawing up its regulatory code.
“The first sales revenues from Elstar Oils’ new biodiesel production line will now only be seen in the second half of 2007, or in 2008, following a delay in putting in place the necessary regulations supporting the use of renewable energy in ?xml:namespace>
KBC said it had information from Elstar that total sales revenues for January to March this year amounted to (ZI)93.8m, up 85% year-on-year and helped partly by a one-off transaction in reselling part of its rapeseed stock worth (ZI)27.5m.
Once online, Elstar’s initial 50,000 tonne/year biodiesel installation should be upgraded across 12 months so that it becomes capable of producing 150,000 tonne/year.
Elstar is due to report its first quarter figures on May 15.
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