China New Energy’s 2018 ethanol success thanks to changed policies

Source: By Helena Tavares Kennedy, Biofuels Digest • Posted: Wednesday, September 26, 2018

In China, China New Energy Ltd told Alliance News that their success thus far in 2018 is thanks to changed government policies in China that have led to increased ethanol production and new contracts from existing and new customers. Pretax profit for the six months to the end of June rose to CNY12.0 million, or GBP1.3 million, from CNY10.6 million, or GBP1.2 million, which was on revenue that grew by 3.8% to CNY71.4 million from CNY68.8 million the year before, according to Alliance News.

“I am very pleased to report that the company’s continued revenue growth and profitability,” Chairman Yu Weijun told Alliance News. “Recent changes in domestic biofuel policy continue to drive demand for biorefinery projects in China, and we continue to see renewed interest in international biofuel and biochemical projects as the rising oil price makes them commercially viable again. The company has a current order book and work in progress of CNY294 million to be fulfilled by December 2019, and I am confident that the business outlook is for continued profitability.”