Biopetrol H1 profits up 57% on increased capacity

21 August 2007 11:18  [Source: ICIS news]

LONDON (ICIS news)--Biopetrol Industries reported a 57% rise in first-half operating profits to €3.1m ($4.2m) driven by economies of scale from increased capacity, the Switzerland-based biodiesel producer said on Tuesday.

 

Sales revenues increased by 48% to €92.4m due to production coming on stream at Biopetrol’s new 350,000 tonne/year plant in Rostock, Germany.

 

In its 2007 outlook, the company said high pre-production costs for its new plant in Rotterdam would burden full-year results.

 

The plant, at Vopak’s Botlek Noord terminal, would increase Biopetrol’s capacity to 750,000 tonnes/year from 350,000 tonnes/year, making it one of Europe’s largest biodiesel producers.

 

“After introduction of the energy tax on biodiesel in Germany in August 2006, the situation remains tense,” said the company.

 

In the coming year, the tax rate in the German free market for B100 will be increased from €0.09/litre to €0.15/litre, while subsidised B99 imports from the US were causing extra pressure, added Biopetrol.

 

In an interview with ICIS news early this year, CEO Klaus-Ulrich Henschel warned that the German biodiesel market was reaching saturation point and many small companies with poor logistical locations were likely to disappear.

 

Its target was to achieve 60% of its sales revenues from outside Germany in 2008, Biopetrol said.

 

($1 = €0.74)

By: Mark Watts
+44 20 8652 3214

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