29 March 2012 11:35 [Source: ICIS news]
LONDON (ICIS)--Austria-based BDI BioEnergy International posted a 12% year-on-year rise in its 2011 net income to €4.2m ($5.6m), despite a drop in sales, the biofuels firm said on Thursday.
The company’s total sales for the full year fell to €34.7m, down by 13% year on year, said BDI BioEnergy.
However, the company added its earnings before interest and tax (EBIT) for 2011 increased by 13% to €3.6m, compared with 2010.
It said the decrease in sales reflected the difficult market conditions, which are leading to delays in order intake, for its BioDiesel segment.
“The BioDiesel market is going through a process of change. In the past fiscal year, BDI was able to tackle this challenge via [company programmes] RetroFit and After Sales Support,” BDI BioEnergy said.
It added that the company is repositioning its strategy and responding to the shift in the market by increasing research and development (R&D) activities through product extensions and acquisitions.
Following a transition phase, the management expects the implementation of its strategy to increase sales in the medium term, while it continues to aim for an annual EBIT margin of more than 10%, the company said.
($1 = €0.75)
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