Trading Statement
09 Février 2010 - 8:00AM
UK Regulatory
TIDMCBI
RNS Number : 8667G
China Biodiesel International Hold
09 February 2010
China Biodiesel International Holding Co., Ltd. ("CBI" or the "Company")
Trading update for the year ended 31 December 2009
CBI, one of the leading producers of biodiesel focused on the Chinese market,
today announces a trading update covering the financial year ended 31 December
2009.
In the second half of 2009, the Chinese economy continued to recover from the
international financial crisis. This recovery allowed CBI to increase total
biodiesel shipments from its Longyan and Xiamen facilities during the fourth
quarter of 2009. Total shipment volumes for the year therefore was approximately
39,000 tonnes based on management accounts received to date (25,273 tonnes:
2008). The increased volume also reflects eight months of production at the
Company's Xiamen plant.
At the interim results, the Board reported gross margin pressure due principally
to lower selling prices. While selling prices did improve in the second half of
2009, they remained below historic levels achieved by the Company. The Board
therefore expects to report revenue for the year ended 2009 to be broadly in
line with that reported for 2008.
During 2009, the Company has continued to receive government subsidies and
grants. These grants and subsidies have remained at levels consistent with those
reported in 2008 and have related to development of renewable energy and energy
saving initiatives. Taking these grants into account, the Board, based on
management accounts reviewed to date, believe the Company will report a profit
after tax of approximately RMB 11 million for the year ended 31 December 2009.
The Board has used free cash generated in the second half of the year to reduce
its bank loans by RMB14 million in the second half of the 2009 financial year.
The Company confirms it will announce its results for the year ended 31 December
2009 in April 2010.
For further information:
Gloria He, CFO: +86 (592) 7191103
James Wang, Company Secretary: +86 (592)
7191109
Bobbie Hilliam or Chris Clarke
Evolution Securities: +44 (0) 20 7071 4300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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