Petrotec reduces Q1 net loss amid falling biodiesel sales

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 company is undergoing restructuring with the financial support of Israeli strategic investor IC Green Energy (ICG) and recently announced 20 job cuts.

“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.

Based in Borken, Germany, Petrotec produces biodiesel from used cooking oil.

($1 = €0.72)

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By: Mark Watts
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