Gushan Q2 revenues up 30%, Chinese biodiesel producer swings to profit

In China, Gushan Environmental reports in its unaudited Q2 financial report that total revenues increased by 443.0% year-to-year and by 32.0% quarter-on-quarter to US$50.6 million, but that gross profit was only US$.9 million, compared to a US$5.2 million loss in the same quarter last year.

In Gushan’s biodiesel business, revenue from its biodiesel business totaled RMB22.3 million (US$3.4 million) for the second quarter of 2011, representing a decrease of 63.0% from RMB60.2 million for the second quarter of 2010 and a decrease of 12.9% from RMB25.6 million for the first quarter of 2011. The decrease in revenue from the biodiesel business on both a year-to-year and sequential quarterly basis was mainly due to a decrease in the sales volume of both biodiesel and biodiesel by-products.