08 May 2013 09:16 [Source: ICIS news]
LONDON (ICIS)--Verbio swung to a net loss of €123.1m ($162m) for the first nine months of its financial year 2012/2013, compared with a net profit of €6.2m in the same period a year earlier, as sales fell due to difficult market conditions, the German biofuels producer said on Wednesday.
For the first nine months of the group’s financial year 2012/2013, Verbio reported group sales of €533.9m, down from €596.0m in the corresponding period the year before.
In this period, overall biofuel production was at 376,919 tonnes, down from 442,676 tonnes in the same period the year before.
Earnings before interest, taxes, depreciation and amortisation over the period came to a loss of €800,000, a sharp reversal of the €26.3m earnings generated in the corresponding nine-month period a year before.
Verbio said that due to “persisting legal uncertainties on the further goals for biofuels in Germany and the EU, successful implementation of new investments is not assured.”
“Against this background, in December 2012, the management board stopped all investment plans and announced and implemented a cost savings program envisaging savings of €5m in the 2012/2013 financial year,” the company added.
Verbio does expect positive developments in its fourth quarter 2012/2013, but this outlook largely depends on an amendment of the changes of the renewable energy sources directive, it added.
($1 = €0.74)
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