(SeeNews) - Aug 17, 2012 - Hong Kong-based firm Bio-Dynamic Group Ltd (HKG:0039) saw its first-half net loss widen due to increased losses at its ethanol segment and said that it would modify its Harbin Distillery to add anhydrous ethanol production.
The revamp is planned for the middle of this month. It is expected to revive the ethanol business as the price of oil is rising, leading to increased demand for ethanol fuel, Bio-Dynamic said in its first-half financial report on Thursday. It noted that the selling price of anhydrous ethanol was higher than that of consumable ethanol.
The ethanol, alcohol and animal feed producer saw its net loss widen to HKD 37 million (USD 5m/EUR 4m) in the January-June period of 2012 from HKD 29.3 million a year before. Revenue fell by 61.4% on the year to HKD 96.3 million as sales at the ethanol segment dropped by 85.2% to HKD 26.2 million.
(HKD 1 = USD 0.129/EUR 0.104)