Swiss Biopetrol falls to €11.6m nine-month net loss

18 November 2008 10:53  [Source: ICIS news]

LONDON (ICIS news)--Biopetrol slumped to a nine-month net loss of €11.6m ($14.7m) from a profit of €3.4m in the year-earlier period as high feedstock prices eroded operating margins, the Switzerland-based biodiesel producer said on Tuesday.

 

The company said prices for vegetable and mineral oils reached historical highs and remained volatile driven by speculation, while the credit and banking crisis increasingly unsettled customers.

 

Continued imports of subsidised B99 biodiesel from the US also had an "extreme impact" on margins, Biopetrol added.

 

Sales increased by 57% in the first nine months to €243.6m from €155.4m, while biodiesel volumes increased to 236,295 tonnes from 199,817 tonnes in first nine months of 2007.

 

($1 = €0.79)

 

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By: Mark Watts
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