New Generation reports Q2 financial results
Renewable fuels provider New Generation Biofuels Holdings has reported a $3 million (€2.36 million) net loss for the quarter ended 30 June 2010. This is an improvement compared to the firm’s $6.3 million net loss reported for the same period in 2009.
For the first half of 2010 New Generation had a net loss of $5.9 million compared to its $8.7 million net loss for the first six months in 2009.
For three months and six months ended 30 June 2010 the company had revenues of $-0- and $6,477, respectively, while the revenues for the same period in 2009 was $42,637. New Generation explains that the decline in revenue was due to working capital constraints and not customer demand.
Net cash used in operating activities was $2.3 million for the six months ended 20 June 2010, down $0.9 million from $3.2 million used in last year’s comparable period.
The president and CEO of New Generation Biofuels Holdings Cary Claiborne commented: ‘2010 has been and will continue to be a period of transition for New Generation. While the lack of operating capital has limited our fuel production and customer deliveries, we continue to work on optimising our production process and expand the number of feedstocks that can be used to produce our fuels.’
For the first half of 2010 New Generation had a net loss of $5.9 million compared to its $8.7 million net loss for the first six months in 2009.
For three months and six months ended 30 June 2010 the company had revenues of $-0- and $6,477, respectively, while the revenues for the same period in 2009 was $42,637. New Generation explains that the decline in revenue was due to working capital constraints and not customer demand.
Net cash used in operating activities was $2.3 million for the six months ended 20 June 2010, down $0.9 million from $3.2 million used in last year’s comparable period.
The president and CEO of New Generation Biofuels Holdings Cary Claiborne commented: ‘2010 has been and will continue to be a period of transition for New Generation. While the lack of operating capital has limited our fuel production and customer deliveries, we continue to work on optimising our production process and expand the number of feedstocks that can be used to produce our fuels.’
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