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China Bio Energy Reports Fourth Quarter and Record 2008 Financial Results
Date:3/23/2009

ourth Quarter 2008 Financial Results

Sales - Sales for the fourth quarter of 2008 were $59.1 million compared to $22.3 million in the fourth quarter of 2007, an increase of 165%. The increase was mainly due to market demand in finished oil, strong growth in bio-diesel production and sales generated by the four recently leased gas stations. China Bio Energy also reports revenue in its three business segments, Distribution of Finished Oil, Bio-Diesel Production, and Retail Gas Stations:



    Fourth Quarter 2008 Revenue Breakdown
                                      Q4 2008         Q4 2007         CHANGE
    Distribution of Finished Oil   $36.7 million   $18.1 million       +103 %
    % of Sales                         62.3%           81.1%
    Bio-Diesel Production          $14.9 million    $4.2 million       +255 %
    % of Sales                         25.3%           18.9%
    Retail Gas Stations             $7.5 million        N/A             N/A
    % of Sales                         12.4%            N/A
    Total Sales                    $59.1 million   $22.3 million       +166 %

''We are very pleased with our progress during the fourth quarter,'' stated Mr. Gao Xincheng, Chief Executive Officer of China Bio Energy Holdings Group. ''The Company's bio-diesel sales increased 255% for the fourth quarter of 2008, compared to the fourth quarter of 2007. Despite declining oil prices in China and worldwide, we feel there are several fundamental factors that will continue to provide incremental and robust top-line growth for our Company. These include China's continuing demand for energy to accommodate future economic growth which will benefit from the stimulus plan and further domestic expansion, an increase of consumer automobiles in China, a shortage of domestic oil resources and dependence on foreign sources, in addition to government initiatives to increase the utilization rate for alternati
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SOURCE China Bio Energy Holdings Group
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