China Integrated Energy revs up 27 percent on strong biodiesel sales

In China, China Integrated Energy released its fourth quarter and full year 2010 financial results, stating that Fourth quarter 2010 sales were $118.0 million, an increase of 26.6% from $93.3 million in the fourth quarter of 2009. The increase was due to strong growth in biodiesel sales as newly acquired capacity was brought online, in addition to strong retail gas sales, which were driven by new locations supported by growth at existing locations.

China Integrated reported that gross profit was approximately $18.3 million for the fourth quarter of 2010, an increase of $4.9 million, or 36.3%, as compared to the same period of 2009, and represented gross margins of approximately 15.5% and 14.4% in the respective periods.  Reported gross margins for biodiesel were 30.9% and 31.2% in the fourth quarter of 2010 and 2009, respectively.  For the year 2010, gross profit was reported to be $63.2 million for the year ended December 31, 2010, an increase of $21.7 million compared to approximately $41.5 million for the same period in 2009, representing gross margins of approximately 14.4% and 14.3%, respectively.  For the year ended December 31, 2010, the gross profit margin for biodiesel oil was 30.5%, up from 28.4% in the same period of 2009, due to favorable pricing adjustments by the NDRC.

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