Imperial Petroleum posts loss for Q1 FY 2011/12

Dec 16, 2011 - US energy firm Imperial Petroleum Inc (OTC:IPMN) said Thursday it had swung to a net loss of USD 1.1 million (EUR 846,000) in its first fiscal quarter to October 31 from a USD-689,000 profit a year ago, mostly due to higher general and administrative costs.

The company's bottom line was also affected by losses in the oil and gas operations and a weakened biodiesel market in October 2011. Nevertheless, the biofuel segment booked a net profit of USD 645,200.

Imperial Petroleum saw its revenue for the quarter more than double to USD 36.5 million from USD 16 million, on the back of expanded operations at its unit e-biofuels LLC, which brought 99.8% of all revenues.

Imperial Petroleum, which is also developing a proprietary oil sands recovery technology, said it expected to keep quarterly revenues at the current levels throughout its fiscal 2011/12. As a result, full-year sales are seen to be up 30% on a year before.

The company unveiled plans to bolster its biodiesel capacity, eying an additional 25% increase in revenue.

(USD 1.0 = EUR 0.769)

Choose your newsletter by Renewables Now. Join for free!