China Bio Energy set to 'continue growth'

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China Bio Energy Holding has reported net sales for 2007 of approximately $87.1 million (A$96.4 million), which includes a $4.4 million increase in biodiesel sales, according to reports.

Net income during 2007 was $8.6 million, an increase of over $3 million on the previous year, while general administrative expenses also went up $1.3 million due largely to the company's reverse merger and financing last year.

Gao Xincheng, chief executive of the firm, said that all parts of China Bio Energy had experienced significant growth and were therefore well-positioned to achieve progressing.

"With the launch of our new biodiesel production facility in October of 2007 we expect biodiesel fuel revenue to continue to increase in 2008," he added.

Among the products sold by China Bio Energy are gasoline, diesel fuel and slurry for ship boilers and heating furnaces.

According to Interfax China, the Chinese oil processing and coking sector recorded a net loss during the first month of this year.