Fengyuan Biochemical's first-half results increasesignificantly

Fengyuan's first-half results increased significantly, with net profit up 129.56% year-on-yearThe company's operating profit is still in a loss-making state, the sharp increase in net profit is mainly due to the fuel ethanol elastic subsidy policy, resulting in the company turned a profit, but also a year-on-year increaseFengyuan, July 22, 2008 announced earnings report, the first half of 2008 the company achieved earnings per share of 0.073 yuan, net assets per share of 1.956 yuan, net asset return of 3.71%;fuel ethanol and its by-products are the company's main products, the main raw material is cornSince 2008, corn prices continue to rise, resulting in the company's bioethanol products production costs increased, although the company's efforts to overcome the pressure of rising raw materials, improve technology, but the bioethanol business is still in a loss-making state, the first half of 2008 operating profit losses are still as high as 381 million yuanIn December 2007, the State issued the "Biofuel Ethanol Elastic Subsidy Financial Management Measures", the fuel ethanol financial subsidy from the original quota system to flexible system, the subsidy standard adjusted to 2,251 yuan / ton, compared with the original subsidy standard of 1,373 yuan / ton increase dating 878 yuan / ton, which makes the company in the first half of 2008 reversed the loss situation, the company's first-half performance growth is the main reason for the substantial growthdata show that the company is the only fuel ethanol supply unit in Anhui Province, the current fuel alcohol production capacity has reached 440,000 tons / year, ethanol gasoline has achieved the province of Anhui Province, Shandong Province 7 cities, Jiangsu Province 5 cities, Hebei Province 2 cities of the stable supply of fuel alcohol, with the international oil price sharply increased, car ethanol gasoline promotion has entered the countdown, which has brought opportunities for the development of the company's ethanol businessThe original Jilin fuel ethanol and Heilongjiang China Resources alcohol, the company's controlling shareholder Cofco Group has 70% of China's biofuel ethanol production capacity, Cofco said, the next five years is expected to invest 8 billion yuan in Anhui, and strive to "11th Five-Year Plan" period to develop biofuel ethanol production scale of 3.1 million tons / year, this policy will be conducive to the company to vigorously develop biofuel ethanol businesscompany's other main business is citric acid, the company is China's largest citric acid production enterprises, production capacity of 180,000 tons, ranking first in the world, accounting for 17% of the world's citric acid production share, the export volume of China's fine chemical products, citric acid business accounted for nearly one-third of the company's total operating income, the company's performance also plays an important roleHowever, in June 2008, the European Commission made a preliminary decision to impose provisional anti-dumping duties on citric acid originating in China, of which the provisional anti-dumping duty on the company's citric acid was up to 42.2%, and the provisional anti-dumping duty was imposed from June 3, 2008 for a period of six months, with a final decision expected in December 2008The EU market is an important market for the export of citric acid and its salt products in China, and about 40% of the company's citric acid and its salt products are exported to the European Union, a ruling that is a significant blow to the company's performance in 2008noteworthy, the company also invested 28.5 million yuan to participate in Hua'an Futures Brokerage Co., Ltd., holding a 28.5% stake in itHua'an Futures Brokerage Co., Ltdis the largest futures company in Anhui, is also one of the largest futures companies in China, with Shanghai, Zhengzhou, Dalian three futures exchanges, the company's registered capital of 100 million yuan, in line with the stock index futures trading comprehensive settlement membership requirementsAt present, stock index futures are approaching, futures concept stocks are expected to become one of the bright spots in the near future marketCompany realized earnings per share of RMB0.035, net assets per share of RMB1.92 and return on net assets of RMB 1.84% in January-March 2008, realized operating income of RMB1.104 billion, up 10.28% YoY, and realized net income of RMB3,411.23 million, up 124.97% YoYFengyuan's first-half results increased significantly, with net profit up 129.56 percent year-on-year The company's operating profit is still in a loss-making state, the sharp increase in net profit is mainly due to the fuel ethanol elastic subsidy policy, resulting in the company turned a profit, but also a year-on-year increase Fengyuan, July 22, 2008 announced earnings report, the first half of 2008 the company achieved earnings per share of 0.073 yuan, net assets per share of 1.956 yuan, net asset return of 3.71%; fuel ethanol and its by-products are the company's main products, the main raw material is corn Since 2008, corn prices continue to rise, resulting in the company's bioethanol products production costs increased, although the company's efforts to overcome the pressure of rising raw materials, improve technology, but the bioethanol business is still in a loss-making state, the first half of 2008 operating profit losses are still as high as 381 million yuan In December 2007, the State issued the "Biofuel Ethanol Elastic Subsidy Financial Management Measures", the fuel ethanol financial subsidy from the original quota system to flexible system, the subsidy standard adjusted to 2,251 yuan / ton, compared with the original subsidy standard of 1,373 yuan / ton increase dating 878 yuan / ton, which makes the company in the first half of 2008 reversed the loss situation, the company's first-half performance growth is the main reason for the substantial growth data show that the company is the only fuel ethanol supply unit in Anhui Province, the current fuel alcohol production capacity has reached 440,000 tons / year, ethanol gasoline has achieved the province of Anhui Province, Shandong Province 7 cities, Jiangsu Province 5 cities, Hebei Province 2 cities of the stable supply of fuel alcohol, with the international oil price sharply increased, car ethanol gasoline promotion has entered the countdown, which has brought opportunities for the development of the company's ethanol business The original Jilin fuel ethanol and Heilongjiang China Resources alcohol, the company's controlling shareholder Cofco Group has 70% of China's biofuel ethanol production capacity, Cofco said, the next five years is expected to invest 8 billion yuan in Anhui, and strive to "11th Five-Year Plan" period to develop biofuel ethanol production scale of 3.1 million tons / year, this policy will be conducive to the company to vigorously develop biofuel ethanol business company's other main business is citric acid, the company is China's largest citric acid production enterprises, production capacity of 180,000 tons, ranking first in the world, accounting for 17% of the world's citric acid production share, the export volume of China's fine chemical products, citric acid business accounted for nearly one-third of the company's total operating income, the company's performance also plays an important role However, in June 2008, the European Commission made a preliminary decision to impose provisional anti-dumping duties on citric acid originating in China, of which the provisional anti-dumping duty on the company's citric acid was up to 42.2%, and the provisional anti-dumping duty was imposed from June 3, 2008 for a period of six months, with a final decision expected in December 2008 The EU market is an important market for the export of citric acid and its salt products in China, and about 40% of the company's citric acid and its salt products are exported to the European Union, a ruling that is a significant blow to the company's performance in 2008 noteworthy, the company also invested 28.5 million yuan to participate in Hua'an Futures Brokerage Co., Ltd., holding a 28.5% stake in it Hua'an Futures Brokerage Co., Ltd is the largest futures company in Anhui, is also one of the largest futures companies in China, with Shanghai, Zhengzhou, Dalian three futures exchanges, the company's registered capital of 100 million yuan, in line with the stock index futures trading comprehensive settlement membership requirements At present, stock index futures are approaching, futures concept stocks are expected to become one of the bright spots in the near future market Company realized earnings per share of RMB0.035, net assets per share of RMB1.92 and return on net assets of RMB 1.84% in January-March 2008, realized operating income of RMB1.104 billion, up 10.28% YoY, and realized net income of RMB3,411.23 million, up 124.97% YoY (name)