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Thu 14 May 2009, 18:22 GMT

Chemoil records 283% profit increase


308 percent rise in gross contribution per metric tonne helps push up Q1 earnings.

Singapore-listed bunker supplier Chemoil has recorded a 283 percent increase in profit after tax during the first quarter of 2009, compared to the same period last year.

The company's profit after tax and minority interests rose from $2.3 million during the first three months of 2008 to $8.8 million in the first quarter of 2009.

Chemoil's gross contribution per metric tonne skyrocketed to $8.74 during the first quarter of this year from $2.14 over the corresponding period in 2008, a rise of 308 percent. The figure was also higher than the $8.60 per metric tonne recorded in the fourth quarter of 2008.

Direct sales of marine fuel to shipowners were also reported to have risen during the January-March period by 16 percent to 2.17 million tonnes.

However, total sales volumes during the first quarter of this year decreased by 23 percent to 3.76 million tonnes. Chemoil said the decline was mainly due to the slowdown in cargo and ex-wharf activity, which was driven by 'prevailing market conditions'.

Last year Chemoil announced that its profit after tax for the year rose by 55 percent to US$ 47.1 million from US$30.3 million in 2007.

A 13 percent increase in sales volume, from 14.6 million metrice tonnes in 2007 to 16.5 million tonnes in 2008, helped push Chemoil's annual revenue up by 62 percent to US$8.7 billion.

Volumes sold were boosted by the addition of new supply operations in the Middle East and Singapore, together with an increase in cargo sales, the company said.

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