New York-listed Aegean registered a profit of $5.1m in the quarter ended 31 March 2014, down 29.1% compared to a gain of $7.19m in the same period of last year.
But revenue rose 7.9% year-on-year to $1.69bn and bunker sales volume increased to 2.71m metric tonnes from 2.37m metric tonnes a year ago.
“During the quarter Aegean continued to build upon the momentum we established across our business as we extended our track record of profitability and growth,” said E Nikolas Tavlarios, presodent of Aegean.
“With Aegean's US East Coast operations successfully integrated, we have strengthened our industry leadership and global market share. We remain focused on diversifying our geographical presence and increasing asset utilization both through the expected introduction of our new Fujairah storage facility in the second half of 2014 and the potential addition of new service centers,” he added.
In addition, with the sale of two older, non-core vessels, Aegean has streamlined its expense structure for more sustainable results.
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