Universal Bioenergy's revenue grows 117% Y/Y in Q3 2011

Nov 18, 2011 - US green energy company Universal Bioenergy Inc (PINK:UBRG) yesterday said its revenue surged 117% on the year to USD 13.9 million (EUR 10.3m) in the third quarter of 2011.

However, total operating expenses rose 7.5% to USD 576,755 and net loss slightly expanded to USD 529,585 from USD 522,728.

In the first nine months of the year, Universal Bioenergy generated a record revenue of USD 49.9 million, soaring 145% year-on-year.
Operating expenses grew 12.2% to USD 1.2 million. Net loss widened to USD 1.2 million from USD 914,306.

Total assets rose by 1% year-on-year to USD 2 million for the nine months to September 30, 2011. Current liabilities increased to USD 3.1 million for January-September 2011 from USD 3 million for the respective period of 2010.

(USD 1.0 = EUR 0.741)

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