Net profit for the Singapore-listed company fell to $8.02m compared to $22.73m in the corresponding period of last year.
The business activities hit new highs as Chemoil generated revenue of $3.51bn, up 36% from last year.
“1Q2012 results were positive and on target despite being adversely impacted by $1.8m in restructuring costs associated with our non-core legacy assets. Our objective is to complete the restructuring by end 2012,” said Tom Reilly, ceo of Chemoil.
Reilly added that the company is aiming to grow and diversify its long term profitability through related fuel sales businesses such as its new start-ups Chemoil Aviation (jet fuel) and Chemoil Energy (land diesel sales).
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