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Aegean improves first half profit on higher bunker sales volume

Aegean improves first half profit on higher bunker sales volume
Bunker supplier Aegean Marine Petroleum Network Inc has improved its first half profit on stronger sales volume of marine fuel, despite a dip in revenue.

Greece’s Aegean posted a profit of $25.3m in the first half ended 30 June 2016, up 30.6% compared to $19.37m in the same period of last year.

Revenue in the first six months, however, went down by 21.6% year-on-year to $1.74bn, due mainly to the drop in oil prices.

In marine fuel sales, the group sold 8.31m metric tonnes of bunkers, an increase from 6.07m metric tonnes sold in the previous corresponding period.

E. Nikolas Tavlarios, Aegean's president, commented: “During the second quarter we increased sales volumes and improved performance in many key markets, including our new operations in South Africa and Brazil.

“Our decisions to sell non-core vessels will result in cost reductions and align with our focus on strategically allocating our resources to swiftly respond to fluctuations in demand and capitalize on opportunities in markets where we see the most potential.”