Fujian-based China Clean Energy sees revenues down 2.7% in Q3

Updated: 17 Nov 2009
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 The biodiesel producer recorded a net loss of
$US 731,672 in the latest quarter
 
Biodiesel producer China Clean Energy generated revenues of $ 4 million for the third quarter of 2009, down 2.7 percent from the same period last year, due to falling prices and sales for domestic specialty chemical sales.
 
The biodiesel producer, one of two publicly traded currently operating in China, also recorded a net loss of $ 731,672 in the latest quarter compared with a net profit of $ 401,699 in the third quarter of 2008.
 
Nonetheless, Ou Taiming, China Clean Energy chief executive, said their third quarter performance showed higher operating margin and positive adjusted net income compared with the same quarter in 2008.
 
Environmentally friendly specialty chemicals comprised 88 percent of China Clean Energy’s revenue, while another 12 percent was generated by biodiesel sales.
 
Biodiesel sales came in at 765 tons in the third quarter, down from 1,493 tons during the second quarter of 2009. The decline was partially offset by a 45 percent surge in specialty chemical exports during the quarter totaling $ 2.5 million.
 
Sales volume of specialty chemicals stood at 2,685 tons, compared with 2,655 tons from the last quarter.
 
Excluding the noncash charges and expenses, adjusted net income for the third quarter 2009 stood at $ 317,323, down from $ 906,421 in the third quarter 2008.
 
Meanwhile, China Clean Energy said it has completed building its Jiangyin plant, which is expected to significantly expand the company’s production capacity and competitiveness. The plant, set to begin operations in December, has a production capacity of up to 30,000 tons of specialty chemicals and 40,000 tons of biodiesel per year.
 
China Clean Energy, based in Fujian Province, uses a proprietary process for refining biodiesel fuel and specialty chemical products from waste grease and vegetable oils. It is quoted on the Over-the-Counter Bulletin Board.
 
SOURCE: www.ecoseed.org
 
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