Nov 2, 2012 - US bioscience company Metabolix Inc (NASDAQ:MBLX) said Thursday it had narrowed its third-quarter net loss to USD 7.7 million (EUR 6m) from USD 9.6 million a year earlier.
The company, which is involved in the production of biofuel, renewable chemicals and plastics and other products, reported loss per share of USD 0.23, compared to a loss per share of USD 0.28 a year back.
July-September revenue rose to USD 700,000 from USD 500,000, with the result mainly including revenue from government grants and product sales.
Metabolix had USD 53.6 million in unrestricted cash and investments at the end of September. It expects its cash and investments balance to stand at USD 44 million at end-2012.
In the first nine months of 2012, the company swung to a net profit of USD 13.1 million from a USD-29.2-million loss a year ago. Revenue jumped to USD 40.9 million from USD 1 million, helped by USD 38.9 million in deferred revenue related to the termination of a bioplastics joint venture with Archer Daniels Midland Co (NYSE:ADM) in February.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.