Transformer oil rerefiner Hydrodec posted a $1 million operating loss for the six months ending June 30, improving from a $1.9 million operating loss in the year-earlier period.
Revenue through 2013s first six months reached $13.9 million, up slightly from the year-earlier period.
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Hydrodecs sales volumes for its Superfine brand rerefined transformer oil reached a record 12.5 million liters during the first six months of 2013, up 7 percent from 11.7 million liters in the year-earlier period.
The company noted strong growth in rerefining of polychlorinated biphenyl contaminated oil. Hydrodecs PCB feedstock during 2013s first half increased to 11 percent of total volumes processed, compared to 6 percent during the first half of 2012.
The first half has been very encouraging as volumes continued to increase amid solid demand for our rerefined products, which enabled the company to offset some weakness in market prices, said Hydrodec Chief Executive Ian Smale.
Hydrodec began commercial production at its transformer oil rerefinery in Canton, Ohio, in 2008. The 22,000 square foot plant can recycle up to 8 million gallons per year. The company plans to have expanded capacity at Canton on stream by late summer 2014 and to commission a second U.S. plant in early 2015. Hydrodec previously opened a transformer oil rerefinery in Young, Australia, in 2006.