China Bio Energy Reports Fiscal 2007 Financi...(d to $5.3 million in2006 an increase of ...)

Date:4/1/2008

d to $5.3 million in 2006, an increase of $3.2 million or 61%. This increase was due to the benefit of the economies of scale resulting from the growth in revenue and corresponding efficiencies in manufacturing operations and the extension in industry chain. Earnings per diluted share decreased to $0.21 in 2007 from $0.22 in 2006, a decrease of roughly 5%. The decrease was primarily the result of a $3.4 million deemed dividend to preferred shareholders related to warrants and conversion rights attached to the Company's preferred shares. The management of CBEH believes that the sales revenue and net income will continue to grow well as the increases of the output of biodiesel and oil products business. Excluding the deemed dividend to preferred shareholders, earnings per share actually increased 55% to $0.34 per share.

"We are pleased with our results for 2007," stated Gao Xincheng, Chief Executive Officer of China Bio Energy. "All segments of our business experienced significant growth and we believe that we are well positioned to continue growing. With the launch of our new bio diesel production facility in October of 2007 we expect bio diesel fuel revenue to continue to increase in 2008. As we did in 2007 we plan to continue to strengthen our distribution channel for our petroleum products business and expect that business to continue to grow as well."

About China Bio Energy Holdings

CBEH is a distributor of petroleum related products and a manufacturer and distributor of biodiesel fuel. CBEH sells a variety of related products including, gasoline (used primarily in automobiles), diesel fuel (commercial vehicles, agricultural machines, etc.), heavy oil and slurry (ship boilers, heating furnaces, metallurgical furnaces and other industrial furnaces), residual oil (utilized to manufacture petroleum coke, residual lubricating oil and asphalt or as a feedstock for cracking), and naphtha (used to manufacture ethane, propane, benzene, toluene and xy
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SOURCE China Bio Energy Holding Group Co., Ltd. Copyright©2008 PR Newswire. All rights reserved

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