February 4, 2011 / 12:43 PM / 7 years ago

UPDATE 1-Biox swings to Q1 profit on surging sales, tax benefit

* Q1 EPS C$0.04 vs loss/shr C$0.05 year ago

* Sales more than double to C$27 mln

* Says to open second plant in Canada or US

Feb 4 (Reuters) - Canadian biodiesel producer Biox Corp BX.TO swung to a first-quarter profit, helped by improved fundamentals in the biodiesel market and retroactive reinstatement of a U.S. tax incentive.

For the October-December period, net income was C$1.76 million, or 4 Canadian cents a share, compared with loss of C$1.07 million, or 5 Canadian cents a share, a year ago.

The company’s sales more than doubled to C$27 million helped by the implementation of a produce and store strategy by Biox during the third quarter of fiscal 2010.

This resulted in higher inventory levels available for sale in the first quarter of fiscal 2011, it said.

“The market is developing as we expected and with these improved market conditions, we are moving forward with our expansion plans for a second plant in Canada or the U.S.,” Biox said in a statement.

Shares of the Toronto-based company closed at C$1.23 on Thursday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Gopakumar Warrier)

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