Verbio nine-month pre-tax profits surge on sales
14 November 2008 12:39 [Source: ICIS news]
LONDON (ICIS news)--German biofuels producer Verbio's earnings before tax surged to €12.8m ($16.3m) in the first nine months compared with €400,000 in the corresponding period last year on soaring sales, it said on Friday.
Sales jumped 60% to €490.6m from €307.1m in the January-September period last year, while operating profits before commodity futures rose to €12.9m from €1.5m.
The company said it produced a total of 300,663 tonnes of biodiesel in the first nine months of this year, up 15% compared with 261,403 tonnes during the same period last year.
Around 40% of the biodiesel produced was exported to eastern European countries, Verbio said.
In the first nine months, 88,390 tonnes of bioethanol was produced compared with 110,302 tonnes in the same period last year, of which around 10% was exported.
"Domestic bioethanol production and sales are benefiting from the current price development of Brazilian ethanol, where a decline in imports has been registered. At the same time, raw materials prices have fallen," said Verbio.
The German federal cabinet decided on a new legal basis for the promotion of biofuels on 22 October, reducing the blending proportion of biofuels to 5.25% from 6.25% for 2009.
“According to expert opinion, a blending quota of 5.25% in 2009 will result in an increase in biodiesel sales of approximately 40% next year, and [a] bioethanol sales increase of 90%,” said Verbio.
($1 = €0.79)
Bookmark Simon Robinson’s Big Biofuels Blog for some independent thinking on biofuels
To discuss issues facing the chemical industry go to ICIS connect
By: Hilde Ovrebekk
+44 20 8652 3214
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.
Links posted in this story:
|
|
Related Articles
- 12 Nov 09 11:25 Verbio's Q3 net earnings fall around 86% on demand slump, costs
- 14 May 09 07:18 Germany’s Verbio Q1 net loss widens to €13.8m
- 25 Mar 09 08:17 Germany's Verbio reports 2008 net profit of €9m, cautious over Q1
- 04 Mar 09 14:12 MOVES: Verbio’s Sauter to head German biofuels group VDB
- 11 Dec 08 14:49 MOVES: Verbio CFO to leave company in February
- 18 Nov 08 10:53 Swiss Biopetrol falls to €11.6m nine-month net loss
- 14 Nov 08 17:29 German ministry must act on biodiesel turmoil
- 14 Nov 08 22:10 Dow studies cellulose-based ethanol production
- 02 Oct 08 14:31 Verbio to restart German ethanol plant on 6 Oct
- 24 Jun 08 18:43 MOVES: Germany’s VDB elects new president
- 27 May 08 15:39 SEKAB in sustainable ethanol deal with Brazil
- 23 May 08 19:44 Germany’s Verbio in $400m Peru ethanol project
Latest News
- 27 Nov 09 13:58 Further Europe December C2 and C3 settlements reported
- 27 Nov 09 13:31 VIDEO - ICIS news Europe Lunchtime Bulletin 27 November 2009
- 27 Nov 09 13:21 Poland's ZChP will be sold to strategic investor
- 27 Nov 09 13:07 Borealis reviews future of rotational moulding resins business
- 27 Nov 09 12:49 Europe December benzene contract expected to settle up $31-36/t
Barbara Ortner looks at the off-beat and unusual side of chemical industry life.
ICIS Chemicals Confidential