D1 Oils' losses rise due to high feedstock prices

26 September 2007 09:47  [Source: ICIS news]

MUMBAI (ICIS news)--D1 Oils' operating losses from continuing operations increased 118% to £11.18m ($22.5m) for the first six months of 2007 from 5.11m in the same period last year due to high feedstock costs and running refineries below capacity, the UK-based biodiesel producer said on Wednesday.

"We continue to believe that the medium- to long-term outlook for the industry is very promising. However, at present the sector remains immature and faces several short-term challenges," Elliott Mannis, CEO of D1 Oils said.

"High prices for edible vegetable oils mean that refining profitably in Europe without significant subsidies will be difficult," he added.

For the period, the the UK-based biodiesel producer's revenue rose about 127 times year on year to £4.1m.

Meanwhile, its losses from continuing operations rose 116% to £10.3m in the period.

($1 = £0.50)

By: Isha Jha
+65 6780 4359

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