Czech-based Setuza announces return to H1 profits

04 September 2008 12:27  [Source: ICIS news]

PRAGUE (ICIS news)--Czech rapeseed methyl ester biofuel producer Setuza has posted first-half net profits of koruna (Kc) 67.8m ($3.96m/€2.74m), compared with a Kc164.7m net loss year on year, it said on Thursday.

 

First-half revenues for the January to June period stood at Kc1.11bn, compared with Kc3.45bn for the corresponding period in 2007.

 

The company had so far this year successfully rearranged its business strategy, with more emphasis now being placed on the most profitable items, Setuza spokeswoman Marie Logrova said

 

“The aim now is to continue with the restructuring of the company with the target of staying in profit to the end of 2008,” she added.

 

The company was severely hindered in 2007 when it was forced to pay back debts amounting to Kc1.1bn to the state after Czech officials obtained a court order to freeze its assets.

 

Setuza has the capacity to produce 150,000 tonne/year of rapeseed methyl ester.

 

($1 = €0.69/$1 = Kc17.13)

 

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By: Will Conroy
+44 20 8652 3214

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