Germany's Verbio swings to Q2 net profit of €3.2m

12 August 2010 09:29  [Source: ICIS news]

SINGAPORE (ICIS)--Germany’s Verbio swung to a second-quarter net profit of €3.2m ($4.1m) from a loss of €2.4m in the same period of last year, partly due to lower raw material prices in its bioethanol business and the sale of seven wind power plants, the company said on Thursday.

Sales in the second quarter rose by 18% year on year to €132m, the biofuels producer said in a statement.

For the first half of 2010, the company posted a net profit of €5.4m, compared with a loss of €16.2m in the year-ago period, it said.

Sales for the January-June period, however, dipped by 1.6% to €243.1m, while the company’s earnings before interest and taxes (EBIT) swung to a gain of €7.7m, compared with a loss of €11.2m in the corresponding period last year.

“The improvement in EBIT in the amount of €18.9m mainly results from the bioethanol and the energy segment,” the company said.

“In the bioethanol segment the result primarily increased due to improved yields and significant cost reductions. In the energy segment the sale of seven wind power plants contributed to that outstanding result,” it added.

Looking ahead, the company said that it still expected a significant increase in sales and EBIT in the “higher single-digit euro region in the financial year 2010”.

The company was also aiming to achieve full utilisation of its existing biodiesel and bioethanol production capacities, it added.

($1 = €0.78)

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By: Nurluqman Suratman

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