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Chemoil, one of the world's leading suppliers of marine fuel, has announced that year-on-year first quarter profit after tax attributable to equity holders fell by US$14.5 million, or 62 percent, to US$ 8.8 million, down from US$23.3 million during the corresponding period last year.

The group generated revenue of US$ 3.5 billion, up 36 percent on last year. Gross contribution per metric tonne, the company's key margin indicator, was US$8.9 per metric tonne, down from US$ 14.4 in the first quarter of 2011.

Commenting on the results, Chemoil's CEO, Tom Reilly
"The first quarter 2012 represents the fifth profitable quarter in a row for Chemoil. This corresponds to an annualized return on shareholder's equity after tax of about 10%, in light of the difficult times in the shipping industry, restructuring costs related to our non-core businesses and that we are in the start-up phase of our new businesses".

Reilly added, "The growth prospects for 2012 and beyond are promising. We continue to strengthen our marine fuels organization and to exit non-core activities. Additionally, we are aiming to grow and diversify Chemoil's long term profitability through related fuel sales businesses such as our new start-ups Chemoil Aviation (jet fuel) and Chemoil Energy (land diesel sales)".