Dec 6, 2012 - Canadian biodiesel maker Biox Corp (CVE:BX) today posted a net loss of CAD 11.4 million (USD 11.5m/EUR 8.8m) for its fourth fiscal quarter to end-September, compared to a profit of 10.9 million a year earlier.
This resulted in a loss per share of CAD 0.25, against earnings of 0.24 in the year-ago period.
Biox's performance for the reporting period was negatively impacted by a drop in biodiesel sales, which the company attributed to weakening of the US market. The latter factor was driven by the expiration of the US biodiesel tax incentive, overproduction and thin trading in the separated Renewable Identification Numbers (RINs) market.
The company turned to an operating loss of CAD 10.9 million in July-September, versus an operating profit of CAD 1.6 million.
Revenue dropped to CAD 16.8 million from CAD 23 million, as a result of a drop in the amount of biodiesel sold coupled with lower revenue per litre sold.
Due to the tough market conditions, in October the company halted production of biodiesel at its plant in Hamilton, Ontario. It also put off the construction deadline for its second facility in Hamilton, Ontario, which was expected to be finished in December 2013.
In its 2011/12 fiscal year Biox swung to a net loss of CAD 14.1 million from a profit of CAD 8.7 million a year back. Revenue decreased to CAD 69.5 million from CAD 97.3 million.
(CAD 1.0 = USD 1.009/EUR 0.772)
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