ABG posts net loss of US$30 million in 2007

Alternative fuels producer Australian Biodiesel Group (ABG) says it will end this year in the black, after posting an operating loss in 2007. At the company’s annual general meeting in Sydney, ABG Chief Executive Bevan Dooley told shareholders the company was anticipating a cash break-even trading position in the third quarter of calendar 2008. ABG suffered a gross loss of US$1 million and a net loss of US$30 million in 2007. ABG operates Australia’s largest biodiesel production facility at Narangba in Brisbane. It manufactures biodiesel from used cooking oil and tallow, which it supplies to fuel blenders in Queensland and New South Wales. Dooley said the company would make changes to stabilize the business, which includes increasing the use of the Narangba plant to full capacity and building its Scanline used cooking oil business. (May 29, 2008)