Biofuel firms report losses

Australian-based Mission New Energy Ltd. revealed a net profit loss of A$8.4 million (US$5.55 million) in the half-year to December 31, 2008, on revenues which went up from A$6 million (US$3.96 million) to A$33 million (US$21.8 million) year on year. Mission’s figures were affected by high chemical input costs, low volume of sales, operational costs and inventory impairment. Meanwhile, Sterling Biofuels International Ltd. reduced its previously declared losses by more than half in late February. Sterling said it lost A$3.6 million (US$2.38 million) in the half-year to December 31, 2008, down from its previous estimate of an A$10.2 million (US$6.74 million) loss, on revenues of A$106,000 (US$70,034.25). (February 24/ March 2, 2009)