Verbio warns Asian biofuel imports placing strain on earnings.
German biofuels producer Verbio (VBKG.DE), opens new tab warned that large-scale imports of biofuels from Asia, a few of which have allegedly been falsely declared prior to now, had been weighing on its earnings.
Verbio reiterated its steerage for 2023/24 earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) within the vary of 120 million to 150 million euros ($129.23 million to $161.54 million) and internet debt within the vary of 145 million to 175 million euros.
The corporate stated in a press release:
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These forecasts replicate the continued strain on the costs for ethanol and GHG quotas, specifically because of the large volumes of questionable imports of superior biofuels from Asia in 2023.
In September, the corporate posted full-year EBITDA of 240.3 million euros.
Greenhouse fuel quotas (GHG) are legally binding limits on the quantity of greenhouse gases {that a} nation, group or trade can emit over a sure interval.
In December, a criticism from the producer group European Biodiesel Board (EBB), of which Verbio is a member, prompted the European Union to start an anti-dumping investigation into biodiesel imports from China, which the bloc’s trade says has slashed home manufacturing.
Earlier final yr, the EU started investigating whether or not biodiesel from Indonesia was circumventing EU duties by going by means of China and Britain.
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Verbio warns Asian biofuel imports placing strain on earnings, February 2024
