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Asia Bioenergy Technologies suffers after tax losses for fourth quarter

Asia Bioenergy Technologies (ABT) has said after tax losses for year ending January 2012 has been due to impairments in the biodiesel sector.

The audited loss after tax and minority interest was MYR19.95 million (€5.02 million), which was a variation of MYR7.3 million (57.7%) above the audited loss after tax and minority interest of MYR12.65 million.

ABT said the impairments that the external auditors had recommended to take into account included the deepening Euro crisis including the possible exit of Greece and other developments in the biofuel sector.

In a statement ABT commented: ‘After further deliberations with the external auditors and taking into account industry sentiments, the board has decided to accept the external auditors recommendation of further impairments, resulting in a material deviation of results.’