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

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Cost of Sales - Cost of sales for the fourth quarter of 2008 was $51.5 million compared to $19.6 million in 2007, an increase of 162.8%. The increase was due to the rise in production and sales activities. Cost of sales as a percentage of sales was approximately 87.1% for the fourth quarter of 2008 and 87.8% for same period in 2007. The decrease was due to lower production costs resulting from a decrease in the cost of feedstock used to produce bio-diesel. Overall average unit costs of feedstock, which is comprised of used cooking oil and non-edible seeds, amounted to $463.2 per ton in the fourth quarter 2008, representing a decrease of 12.8% from $529.9 per ton in the fourth quarter of 2007.

Gross Profit and Gross Margin - Gross profit was $7.5 million for the fourth quarter of 2008 compared to $2.7 million for the same period in 2007, an increase of 177.8% and representing gross margins of approximately 13% and 12%, respectively. The increase in gross margin is primarily due to the rise in market demand for finished oil products and bio-diesel, and a reduction in bio-diesel supply costs. During the fourth quarter of 2008, the gross profit margin for bio-diesel production and sales was approximately 27.5% while gross profit margin for distribution of finished oil products, such as gasoline and diesel oil, was approximately 8.3%. The retail gas stations during this same period had a gross margin of 11.2%.

Operating Expenses - Selling, general and administrative expenses for the fourth quarter of 2008 were approximately $1.0 million compared to $0.89 million for the same period in 2007, an increase of 16.9%. Total operating expenses as a percentage of sales for the fourth quarter of 2008 and 2007 were 1.7% and 4.0%, respectively.

Net Income - For the quarter ended December 31, 2008, the Company reported a net loss of $3.3 million, or a loss
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SOURCE China Bio Energy Holdings Group
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