19 June 2008 16:36 [Source: ICIS news]
Should current selling prices and cost trends continue, EOP expected to break even in its fiscal fourth quarter ending 30 June, said chief financial officer Karl-Wilhelm Giersberg.
For March and April the company had already recorded profits, he added.
Also helping was a new railway connection, opened last month, to EOP's 130,000 tonne/year production side in ?xml:namespace>
In addition, EOP was making progress in gaining share in the market for blended biodiesel, called B5, or 5% blending, as it was establishing itself as a preferred supplier to refiners, it said.
For the nine months ended 31 March EOP doubled revenues to more than €67.7m ($106m), compared with the year-earlier period.
On a before interest and tax basis, EOP recorded a loss of €4.3m, compared with a loss of €600,000 in the year-earlier period when it benefited from investment grants, it said.
German biofuels industry association Verband der Deutschen Biokraftstoffindustrie said on Wednesday that the country's biodiesel producers continued to struggle amid high feedstock costs and a tax increase on biofuels.
Analysts said producers had been building up massive capacities in past years but came under pressure as raw material costs rose.
Also hurting results were the tax increase that took effect on 1 January, planned further tax increases through 2012, and imports, they said.
To discuss issues facing the chemical industry go to ICIS connect
Bookmark Simon Robinson’s Big Biofuels Blog for some independent thinking on biofuels
($1 = €0.64)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|