Dec 7, 2011 - Canadian biodiesel maker Biox Corp (CVE:BX) today posted a net profit of CAD 8.3 million (USD 8.2m/EUR 6.1m) for the closing quarter of fiscal 2010/11, versus a loss of CAD 3 million a year ago, mainly due to improved gross margins.
The company turned to an operating profit of CAD 1.7 million from a loss of CAD 2.8 million.
Revenue in the quarter through September rose to CAD 23 million from CAD 7.3 million a year before thanks to higher sales volume and an increase in revenue per litre of biodiesel sold.
Biox continues work on its plan to build a second, bigger production plant in the US. It expects to have the unit ready for commissioning in December 2013.
The Canadian company booked a net profit of CAD 5.6 million for fiscal 2010/11, against a loss of CAD 16 million a year earlier.
Full-year revenue more than doubled to CAD 97.3 million from CAD 40.2 million.
At the end of September, Biox had CAD 27.9 million in cash.