Second quarter net profit surged to $2.95m from $995,000 in the same period of last year, the Singapore-listed company announced. Revenue also grew 35% year-on-year to $3.52bn.
The bunker supplier sold 5m metric tonnes of bunkers during the quarter, a 19% growth from the corresponding period of last year.
“While the shipping sector continues to be impacted by the difficult economic conditions at this time coupled with the general sluggishness caused by the eurozone crisis, our traders and sales teams have managed to grow, while at the same time maintaining a good level of profit margin,” said Tom Reilly, ceo of Chemoil.
“In addition, our new businesses such as aviation, diesel and renewables, have created growth opportunities outside of marine fuel,” he added.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
