China Integrated Energy reports Q4 financial results

China Integrated Energy, a China-based energy company, has released its Q4 financial results, ending 31 December 2010.

The company's fourth quarter sales increased 26.6% to $118 million (€84.7 million), up from $93.3 million in the same period in 2009.

China Integrated Energy reported that the increase was due to a strong growth in biodiesel sales as newly acquired capacity was brought online, in addition to strong retail petrol sales, which were driven by new locations supported by growth at existing locations.

'Our fourth quarter results demonstrate our ability to continue executing our growth plans by increasing biodiesel production to drive incremental, high margin revenues,' comments Gao Xincheng, CEO of the company. 'Sales growth was driven during the quarter by a combination of increased sales volume and higher average selling prices.

'Biodiesel sales increased 35.7% for the fourth quarter of 2010, compared to the fourth quarter of 2009, while retail gas station sales increased 114.6% due to three newly acquired or leased gas stations in 2010, strong consumer demand across 13 stations, as well as higher fuel process at the pump,' Xincheng explains.

The company's Q4 gross profit was approximately $18.3 million, a $4.9 million rise compared to the same period of 2009.