BioDiesel International Q1 earnings drop 12.5% in tough market

15 May 2009 11:05  [Source: ICIS news]

LONDON (ICIS news)--BioDiesel International (BDI) reported that lower associated company income helped depress first-quarter consolidated earnings by 12.5% to €0.70m ($0.96m), the Austrian company said on Friday.

BDI's earnings before interest and tax were 5.7% higher year on year at €0.70m, against the backdrop of tough market conditions.

The biodiesel plant maker said it benefited in the quarter from high-margin engineering commissions and an insurance compensation payment.

First-quarter sales were lower than expected, down 35.1% at €7.24m, because of project delays and a lack of new commissions for major projects, it said.

BDI said, however, that its after-sales business, which helps with the optimisation, retrofitting and upgrading of existing biodiesel plants, was developing encouragingly.

Accounts for four large-margin engineering commission were settled during the quarter and a project in Spain was handed over to a client, BDI said.

($1 = €0.73)

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By: Nigel Davis
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