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China Bio Energy Holdings Group Reports Second Quarter 2008 Financial Results
Date:8/14/2008

- Revenue Increases 326% to $58.4 Million -

- Net Income Increases 485% to $8.3 Million -

XIAN, China, Aug. 14 /Xinhua-PRNewswire-FirstCall/ -- China Bio Energy Holdings (OTC Bulletin Board: CBEH), (CBEH or the "Company"), an energy company engaged in the distribution of heavy oil and finished oil products and the production and distribution of bio- diesel fuel, today announced consolidated financial results for the quarter ended June 30, 2008.

For the second quarter of 2008, total sales increased 326% to $58.4 million as compared to $13.7 million in the second quarter of 2007. Sales of petroleum products, primarily gasoline and petro-diesel, increased 221% to $44.0 million in the second quarter of 2008 as compared to $13.7 million in the prior year period. This increase was primarily due to the addition of new customers and the general increase in demand for fuel in China. Bio-diesel revenue for the second quarter of 2008 was $14.4 million, a 113% increase as compared to the first quarter of 2008. (The Company was not producing bio-diesel in the second quarter of 2007 so a year-over-year comparison is not possible.) This increase was mostly due to the Company's increased manufacturing capability of bio-diesel. For the six months ended June 30, 2008, sales revenue increased 272% to $94.0 million as compared to $25.3 million in the prior year period.

Gross profit increased 366% to $8.6 million in the second quarter of 2008 as compared to $1.8 million in the prior year period, representing gross margins of approximately 14.7% and 13.4% respectively. Gross margin for bio-diesel fuel was approximately 30.4% and for petroleum products it was approximately 9.5% for the second quarter of 2008. The improved overall gross margin was a result of the increase in bio-diesel revenue as a percentage of total revenue. For the six months ended June 30, 2008, gross profit increased to $13.6 million, or 360%, versus $3.0 millio
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SOURCE China Bio Energy Holdings Group
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