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Danish group Selfinvest ApS, owner of United Shipping & Trading Company (USTC) Group and Bunker Holding Group, has recorded a sharp decline in earnings for 2016-17 despite managing to achieve a jump in revenue.

Selfinvest's profit before tax for the last financial year, which runs between May 1 and April 30, dropped 45 percent to DKK 264 million (approx. $40 million) from the previous year's figure of DKK 480 million. Profit after tax was slashed by DKK 204 million, or 50.4 percent, to DKK 201 million ($30.7 million).

Revenue for the 12-month period, meanwhile, was up around 15 percent to DKK 46 billion ($7 billion) from DKK 40.1 billion ($5.99 billion) in 2015-16.

Bunker Holding, which has a number of marine fuels and lubricants businesses under its umbrella - including Dan-Bunkering, Glander International Bunkering, Scandinavian Bunkering, BMS United Bunkers, LQM Petroleum Services, Unioil Supply, Unicore Fuel and Unimarine - achieved a 16 percent rise in revenue to DKK 44 billion ($6.7 billion), up from DKK 38 billion ($5.65 billion) the previous year.

However, pre-tax earnings for the group of bunker companies, which is widely considered to be the world's second-biggest seller of marine fuels after World Fuel Services, fell DKK 162 million ($25 million), or 41 percent, to DKK 236 million ($36 million).

As reported last month, USTC company Global Risk Management, which specializes in fuel risk management solutions, achieved its best ever earnings before tax figure of $12.03 million - surpassing the previous year's result of $6.85 million by 75 percent. Gross profit for the year rose by $4.67 million, or 29.7 percent, to $20.37 million.

Subsidiary Shipping.dk also performed well and delivered the best results in its history.

Commenting on the results, Selfinvest owner, Torben Ostergaard-Nielsen, said: "The industry is in rough seas like never before. Navigating through it requires a sharp focus as well as a constant search for the opportunities that are still in the market."

Results summary:

Selfinvest ApS

Profit before tax

2016-17: $40 million (DKK 264 million)

2015-16: $72 million (DKK 480 million)

2014-15: $82 million (DKK 548 million)

2013-14: $52 million (DKK 349 million)

Profit after tax

2016-17: $30.7 million (DKK 201 million)

2015-16: $60.5 million (DKK 405 million)

2014-15: $60.6 million (DKK 406 million)

2013-14: $43.3 million (DKK 290 million)

Revenue

2016-17: $7,030 million (DKK 46,000 million)

2015-16: $5,990 million (DKK 40,103 million)

2014-15: $7,765 million (DKK 51,985 million)

2013-14: $9,251 million (DKK 61,935 million)

Equity

2016-17: $581 million (DKK 3,800 million)

2015-16: $488 million (DKK 3,267 million)

2014-15: $440 million (DKK 2,943 million)

2013-14: $323 million (DKK 2,162 million)

Bunker Holding

Profit before tax

2016-17: $36 million (DKK 236 million)

2015-16: $61 milion (DKK 398 million)

2014-15: $78 million

2013-14: $63 million

2012-13: $60 million

2011-12: $77 million

Turnover

2016-17: $6,727 million (DKK 44,000 million)

2015-16: $5,652 million (DKK 38,000 million)

2014-15: $8,370 million

2013-14: $10,912 million

2012-13: $10,500 million

2011-12: $12,412 million