BIOX doubles biodiesel sales, swings into profit

In Canada, BIOX swung into the profit zone in the first quarter as sales more than doubled over the corresponding period for last year. Overall, operating income was $2,291,000 in Q1 2011 compared to a loss of $765,000 in Q1 2010. Sales were $27.0 million for the three-month period ended December 31, 2010 compared with $11.6 million for the corresponding period last year.

BIOX sold 20.9 million litres of biodiesel during the period, including 4.9 million litres acquired from third parties. The company’s stock rose 34 percent during Friday trading on the Toronto Stock Exchange.

“Q1 was a very strong quarter as we continue to see improving fundamentals in the biodiesel market. The combined impact of the RFS2 in the U.S., which has positively impacted the value of RINs, and the retroactive reinstatement of the biodiesel tax incentive have enabled us to deliver our strongest quarterly performance to date,” said Tim Haig, President and CEO of BIOX Corporation.

The company said it is continuing to explore options to double its production capacity despite no help from Natural Resources Canada’s ecoENERGY for Biofuels program.

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