| CATEGORY: SMALL CAPS NEWS SECTOR: OIL & GAS PRODUCERS |
D1 Oils losses widen |
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Thu 29 Sep 2005
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LONDON (SHARECAST) - D1 Oils, a producer of biodiesel from renewable energy crops, slipped further back from recent highs as first half losses widened, although the group remains confident in future prospects.
The UK-based group reported a loss of £3.1m for the six months to 30 June, out from £913,000 a year ago, with operating expenses up to £3.2m from £900,000 this time last year.
Group turnover including joint ventures climbed from nil to £32,000 due to the sale of biodiesel produced by the test refinery during trials.
The net cash balance at the end of the period was £26.4m.
“We remain confident in the prospects for the business,” said D1.
“Our strategy continues to be supported by national policy initiatives to reduce pollution and transport emissions, and by growing international awareness, demonstrated at the recent G8 Summit, of the need to promote sustainable development in the world's poorer countries.”
“We are well positioned to meet the demand for biodiesel emerging in the global energy economy,” it added.
D1 is planting huge crops of jatropha trees in order to harvest and refine jatropha and other third party vegetable oil feedstocks into biodiesel using its proprietary technology.
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