Revenues were generated from the sale of diesel and biodiesel products and $360,000 from oil trading commissions.
Amiworld also reported:
Gross profit of $3,767,777, compared to $617,570 in 2007, a 510% increase.
Profits, excluding non-cash expenses, of $1,078,107 compared to $4,619 in 2007.
Cash position at December 31, 2008 of $5,046,725.
The net loss for 2008 was mainly due to an increase in general and administrative expenses associated with commencement of the company’s operations, as well as plant depreciation and one time deferred compensation.
Last year, our first full year of operations, was marked by many significant positive achievements as we generated record revenues of over $19 million. We remain focused on achieving our stated goal of becoming a major petroleum and biodiesel supplier and reseller in Colombia, South America and beyond as we look to expand our biodiesel plant to full production capacity of 108,000 tons or 28.8 million gallons annually. We believe that we have the management team and funds in place to execute our near-term corporate strategies which will deliver shareholder value, said Mamoru Saito, chief executive officer of Amiworld.
