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
|SOURCE China Bio Energy Holdings Group|
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