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Thu 22 May 2014, 04:06 GMT

Aegean posts decline in Q1 net income


First quarter net income down despite rise in supply volumes, revenues and gross profit.

Bunker supply firm Aegean Marine Petroleum Network Inc. has posted a first quarter net income attributable to shareholders of $5.1 million, or $0.11 basic diluted earnings per share. The figure represents a decrease of $2.1 million, or 29.2 percent, on the $7.2 million net income, or $0.15 basic and diluted earnings per share, achieved during the corresponding period in 2013.

First quarter net income attributable to Aegean shareholders excluding a non-cash loss from the sale of non-core assets and vessel impairment charge was $8.7 million, or $0.18 basic and diluted earnings per share. During the first three months of 2013, net income attributable to Aegean shareholders excluding a non-cash loss from the sale of non core vessels was $6.3 million, or $0.13 basic and diluted earnings per share.

Total revenues between January and March increased by 7.9 percent to $1,694.4 million compared with $1,570.5 million in 2013.

Sales of marine petroleum products rose by 7.4 percent to $1,673.7 million, up from $1,558.4 million the previous year. The volume of marine fuel sold increased by 14.3 percent to 2,705,823 metric tonnes compared with 2,367,077 metric tonnes the previous year.

Gross profit, which equals total revenue less directly attributable cost of revenue, rose by 17.3 percent to $82.9 million in the first quarter of 2014 compared with $70.7 million in the same period in 2013.

Operating income adjusted for the sale of non-core assets and vessel impairment charge for the first quarter of 2014 amounted to $18.8 million compared with $12.4 million during the same period in 2013. Operating expenses increased by $5.8 million, or 10.0 percent, to $64.1 million, up from $58.3 million in the first quarter of 2013.

Commenting on the results, E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said: "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. The sustainable growth drivers we have put in place enabled our team to continue delivering positive results despite persistent industry headwinds.

"With Aegean's U.S. 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. In addition, with the sale of two older, non-core vessels, Aegean continued to streamline its expense structure and generate sustainable results. We are excited about our opportunities to build significant shareholder value over the long-term."

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