Mission NewEnergy posts loss

Australian-listed Mission NewEnergy’s earnings from its biodiesel sales was insufficient to cover costs due to lower than expected volumes, resulting in the refining business posting a A$7.5 million (US$6.89 million) loss for the fiscal year to June 30, 2009, the company said in its latest annual report. Overall, the company posted a net loss of A$25 million (US$22.96 million) for the fiscal year, a dive from the A$4.8 million (US$4.41 million) profit a year ago. Mission has continued to operate its 100,000 metric ton per year (MTPY) biodiesel plant in Kuantan, Malaysia, but at only 32% of its capacity. It is also planning to start operations at its new 250,000 MTPY biodiesel plant by November 2009. (October 27, 2009)