China Bio Energy, a company engaged in the production and distribution of biodiesel fuel, has reported net sales of $87.1 million for 2007, a 60% increase, compared to net sales of $54.4 million for 2006.
Gross profit was approximately $10.5 million for 2007, an increase of 58%, as compared to approximately $5.8 million for 2006. Net income in 2007 was $8.6 million, as compared to $5.3 million in 2006, an increase of $3.2 million or 61%.
Earnings per diluted share decreased to $0.21 in 2007 from $0.22 in 2006, a decrease of roughly 5%.
Gao Xincheng, CEO of China Bio Energy, said: We are pleased with our results for 2007. 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 biodiesel production facility in October 2007 we expect biodiesel 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.