27th Sep 2013 13:19
LONDON (Alliance News) - Biofuel company China New Energy Limited saw narrowed pretax losses and reduced in revenues in its recent half year, but said Friday it remained confident despite a downturn in the biofuel industry.
In the half year ended June 30, the company posted revenues of RMB20.1 million, down from RMB48.7 million in the previous year. The company posted a pretax loss of RMB5.4 million, narrowed from RMB6.0 million.
The company said that losses were expected in the first half as projects are historically completed and paid for in the second half.
The global recession may further impede available resources for research and development activities in the biofuel industry, the company warned, and it said it would maintain a cautious business approach in light of difficult trading conditions.
"Looking ahead, we remain confident that low-carbon biofuel will be a clear alternative to fossil fuel and growth will return to the bioenergy sector," said Chairman Yu Weijin in a statement. "We continue to look to the long-term future with confidence."
Shares in China New Energy were trading down 7.7% at 0.60 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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