German Biogas Nord to report high loss for 2012

Aug 1, 2013 - German biogas plants developer Biogas Nord AG (ETR:BG8) said today it is about to report a significant drop in revenue as well as a loss in the lower seven-digit euro range for 2012.

At the same time, the company said that it is postponing the publication of its full-year financial figures for the end of September 2013 due to the compilation of consolidated financial statements under IFRS for the first time in 2012 and the changes to the company's management at the beginning of July 2013.

The company was originally expected to publish its 2012 report at the end of July 2013.

In a drive to react on the negative figures in 2012, Biogas Nord also said it is about to launch a cost-cutting programme aimed at greater profitability, marked improvement in process handling in all departments and an enhanced financial structure.

However, despite a current order backlog of around EUR 80 million (USD 106.1m), the company expects to report a net loss for 2013 as well due to non-recurring effects.

(EUR 1.0 = USD 1.327)

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