10 November 2011 08:58 [Source: ICIS news]
Its third-quarter sales surged by 76% year on year to €224.4m, boosted by the rising prices of biodiesel, the company said in a statement.
Biodiesel accounted for 57% of its total sales at €127.2m, up by 62% compared with the previous corresponding period, it said.
Verbio said it generated €3.8m in operating profit for the September quarter, from just €200,000 in the same period last year.
In the first nine months of the year, however, the company swung into a net loss of €1.1m from a net profit of €6.3m in the previous corresponding period, because of higher depreciation charges.
Charges increased by €10.9m to €19.5m, mainly because of depreciation for the biogas plants that were opened last year, as well as write-ups in the bioethanol segment at the end of 2010, the company said.
Its sales for the nine-month period, meanwhile, grew by 46% year on year to €539.4m.
Its biodiesel sales increased by 31% to €319m over the same period, the company said.
Verbio’s operating profit in January-September 2011 fell by 49% year on year to €4m, it said.
For the whole of 2011, the company is targeting sales of €650m-750m, with earnings before interest, tax, depreciation and amortisation (EBITDA) expected to be in the range of €28m-32m.
It expects this year’s operating profit to hit €6m-9m, it said.
($1 = €0.74)
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