11 August 2011 11:15 [Source: ICIS news]
SINGAPORE (ICIS)--Verbio recorded a second-quarter net loss of €5.26m ($7.51m) in 2011, compared with a €3.18m gain in the same period last year, partly because of higher production costs of biodiesel, the German biofuels producer said on Thursday.
Sales for the three months ending on 30 June 2011 rose 31% year on year to €172.5m, the company said.
Verbio swung to an operating loss of €3.03m for the quarter, from a €2.65m gain in the same period last year.
The company cited higher costs of raw materials in its biodiesel segment and an “unsatisfactory utilisation of production capacities” of 77% in the second quarter among the reasons for the losses.
In the first half of the year, the company recorded a net loss of €3.22m, from a €5.35m gain in the corresponding period of 2010, although sales were up 29.6%, Verbio said.
For the whole of 2011, the company expects to generate sales of between €650m–750m, with earnings before interest, tax, depreciation and amortisation (EBITDA) of between €25m–30m and an operating profit of between €6m and €12m.
($1 = €0.70)
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