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Sales volume of recycled copper products at Jin Xin rose 36.4% quarter-to-quarter to 6761 tons. Sales volume of Xiangbei since the acquisition date of August the 1 st this year totaled 874 tons during the quarter. During the third quarter of 2011, revenues from the company's biodiesel business declined 95.8% year-to-year and 92.1% quarter-on-quarter to $0.3 million. Biodiesel sales volume in the third quarter of 2011 was down 97.6% year-to-year and 94% quarter-on-quarter to 203 tons.The declines in biodiesel revenues and sales volume were attributable to continuous suspension of production at most of the company's biodiesel plants due to unfavorable market conditions and current shortages of raw materials due to local government cracking down on vendors of used cooking oil that forced some of our suppliers to suspend operations. During the third quarter we saw a slight drop in average selling prices in our recycled copper business. Average selling prices for our recycled copper products decreased 1.9% quarter-to-quarter to RMB59,473 per ton. Biodiesel prices however continued the upper trend which began in the fourth quarter of 2009. For the third quarter of 2011, the average selling price of our biodiesel products rose 44.9% year-to-year and 10% quarter-on-quarter to RMB6771 per ton. Cost of revenues for the third quarter of 2011 increased 620.9% year-to-year and 46.7% quarter-to-quarter to $73.9 million of which $72.8 million was attributable to our recycled copper products business. Cost of revenues in the recycled copper products business increased 57.5% quarter-to-quarter largely due to an increase in sales volume which rose 54% to 7635 tons and a slight increase in unit raw material cost which rose 0.3% quarter-to-quarter to RMB5,6023 per ton. Cost of revenues for biodiesel business totaled 1.1 million in the third quarter of 2011 representing a decrease of 89.3% year-to-year and 73.5% quarter-to-quarter. Excluding the effects of the provision for consumption tax in the third quarter of 2010 which was reversed in the fourth quarter of 2010, cost of revenues for the biodiesel business decreased 88.9% year-to-year.
While biodiesel prices, selling prices rose in the third quarter that rise was partially offset by a continued increase in the cost of raw material feedstock. The overall average unit cost of our raw materials input increased 25.7% year-to-year and 5.6% quarter-to-quarter to RMB5,039 per ton during the third quarter.For the third quarter of 2011, the company reported a gross profit of 0.6 million comprising a gross profit of 1.4 million attributable to our recycled copper products business partially offset by a gross loss of 0.8 million from our biodiesel business. This translated to a gross profit margin for the third quarter of 1.9% for the recycled copper products business, down slightly from the gross profit margin of 3.3% in the second quarter. The gross loss margin for the biodiesel business in the second quarter was 298.7%. The slight drop in margins in our recycled copper business reflect the narrowing of the spread between the zinc prices and raw materials costs and a provision for inventory write-downs because of decrease in the average selling prices. The deterioration in gross margins in the biodiesel business largely reflects a provision for inventory write-downs due to higher fixed manufacturing cost used to calculate inventories as a result of low utilization rate. We reported a net loss of 3.2 million for the third quarter, representing diluted net loss per ADSL of $0.19. Read the rest of this transcript for free on seekingalpha.com