12 November 2010 10:02 [Source: ICIS news]
LONDON (ICIS)--BDI BioDiesel’s third-quarter net income rose more than four-fold to €738,000 ($1.01m), up from €161,000 in the same period last year, due to a rise in sales, the German biofuels technology firm said on Friday.
Sales for the three months ended 30 September grew by 11.6% year on year to €9.12m, which BDI BioDiesel said was attributable primarily to the rapid progress in project implementation and the expansion of its after-sales service.
Operating profits soared to €851,000 from a slight gain of €4,000 during the same quarter period in 2009, it added.
BDI said biodiesel production volumes had risen in recent months. It added that due to pending political decisions relating to the taxation of biodiesel, investments in new production plants was still being deferred.
“Although major financial institutions are showing stronger interest in investing in biodiesel plants again now, it continues to be difficult to fund large projects,” it said.
Looking ahead, the company said it expected to reach the sales level of previous years again in the medium term and that it was still aiming for an earnings before interest and tax (EBIT) margin of up to 10%.
“At the current time, positive annual earnings are guaranteed with the existing orders on hand,” it said.
($1 = €0.73)
To discuss issues facing the chemical industry visit ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|