Germany's Verbio swings to Q2 net loss of €2.01m

07 February 2013 08:15  [Source: ICIS news]

SINGAPORE (ICIS)--Verbio swung to a second-quarter net loss of €2.01m ($2.72m), compared with a net profit of €2.35m in the same period a year earlier, as costs of raw materials remained high, the German biofuels producer said on Thursday.

In the second quarter the prices for grains, oilseeds, feedstuffs, except for wheat, came under pressure after reaching highs in the first quarter, the company said.

"However, the price remains on a relatively high level," it added.

Its sales for the three months to 31 December last year fell by 10.9% to €191.3m, the company said in a statement.

In the half-year ending 31 December, the company posted a net loss of €8.48m, compared with a net profit of €4.62m in the same period a year earlier, it said.

The company’s sales fell by 6.89% year on year to €408.8m during this period, while earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 60.6% to €8m.

Its EBITDA was “burdened over the entire reporting period by price and margin pressure in the biodiesel business and the lower capacity utilization of biodiesel plants”, the company said.

($1 = €0.74)

By: Nurluqman Suratman

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