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NEW YORK - Gushan Environmental Energy Ltd., a Chinese biodiesel fuel producer, said Wednesday it swung to a fourth-quarter loss, mainly due to a hefty one-time charge related to the conversion of debt.
| GU | 2.66 |  -0.35 |
The company posted a loss of RMB 19.8 million ($2.7 million) or RMB 0.31 (4 cents per ADS) per American Depository Share, compared with a year-ago profit of RMB 48.5 million, or RMB 0.71 per ADS.
Revenue rose to RMB 271.6 million ($37.2 million) from RMB 180.6 million in the prior-year period.
The company said the quarter was hurt by one-time noncash interest expenses of RMB 108.9 million ($14.9 million) related to the conversion of convertible notes.
For the full year, the company posted a profit of RMB 230.3 million ($31.6 million), or RMB 3.67 per ADS (50 cents per ADS), compared with RMB 332.8 million, or RMB 4.98 per share, in 2006.
Revenue rose to RMB 1.01 billion ($138.2 million) from RMB 824.5 million a year earlier.
In morning trading, Gushan shares fell 21 cents to $10.
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