The New York-listed firm's marine segment profit during the quarter fell to $15.2m, a drop of almost 45% from $27.4m in the same period of 2012.
Revenue for the marine segment also declined around 5% year-on-year to $3.7bn.
“The market in marine continues to present a formidable challenge as our first quarter result show,” said Michael Kasbar, president and ceo of WFS.
“While volume was up both sequentially and year-over-year gross profit declined as our business mix shifted further towards blue chip customers in major ports and there was also limited price volatility during the quarter,” he noted.
Bunker volumes moved by the company during the quarter were at 6.8m metric tonnes, up 6% compared to the corresponding period of last year.
Despite a dip in the marine segment results, WFS's other segments of land and aviation recorded stronger earnings, bringing the company's overall first quarter profit to $48.7m on revenues of $10.2bn, compared with an income of $46.4m on revenues of $9.5bn in the same period of 2012.
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