22 May 2009 16:11 [Source: ICIS news]
LONDON (ICIS news)--Petrotec Biodiesel posted a net loss of €3.6m ($5.0m) in the first quarter of 2009 compared with a loss of €7.4m in the same period last year, the German producer said on Friday.
The company’s consolidated sales dropped 65% year on year to €5.5m from €15.7m as biodiesel production fell 45% to 8,600 tonnes.
Petrotec said the reduction in its loss of earnings was attributable to lower raw materials prices, slightly lower personnel expenses and a margin-driven purchasing policy.
“The situation at Petrotec can still be regarded as tense,” the company said in a statement.
“Without the financial support [of] ICG already in place it would very probably have had to apply for insolvency,” it added.
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