(SeeNews) - Mar 16, 2012 - Hong Kong-based ethanol, alcohol and animal feed producer Bio-Dynamic Group Ltd (HKG:0039) today said its 2011 net loss had expanded to HKD 125.5 million (USD 16m/EUR 12.4m) from HKD 105 million in 2010.
Pre-tax loss was HKD 151.3 million, compared with HKD 113.2 million.
Gross profit for the year hit HKD 23.9 million, 88.5% more than a year earlier. Still, the ethanol segment posted a gross loss of HKD 13.2 million due to higher corn prices.
Gross profit margin improved to 6.2% from 2.9% as the company grew its wine and liquor operations.
Consolidated revenue declined by 12.4% year-on-year to HKD 384.9 million.
Bio-Dynamic's ethanol segment brought revenues of HKD 226.5 million, 29.6% less than a year earlier. The drop was due to suspensions in ethanol production. In 2011, the company sold 26,778 tonnes of ethanol products, a fall of 40.8% in annual terms. The average ethanol product selling price grew 16.2%.
(HKD 1.0 = USD 0.129/EUR 0.099)