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New York-listed bunker supplier Aegean Marine Petroleum Network Inc. has announced that net income during the second quarter of 2012 rose by $3.7 million, or 115.6 percent, in a comparison with the corresponding period last year.

Adjusted net income attributable to shareholders was $6.9 million, or $0.15 basic and diluted earnings per share, compared with $3.2 million, or $0.07 basic and diluted earnings per share, for the three months ended June 30, 2011.

Total revenues for the three months ended June 30, 2012 increased by 6.4 percent to $1,888.1 million, compared to $1,774.9 million for the same period in 2011.

Sales of marine petroleum products increased by 6.1 percent to $1,874.6 million, compared to $1,766.3 million last year. Gross profit, which equals total revenue less directly attributable cost of revenue, climbed 15.3 percent to $80.0 million, compared to $69.4 million during the second quarter of 2011.

The volume of marine fuel sold rose by 3.0 percent to 2,714,176 metric tonnes compared to 2,635,881 metric tonnes in the same period in 2011.

Adjusted operating income for the second quarter 2012 increased by 78.9 percent to $19.5 million, compared to $10.9 million in 2011. Operating income, which included a one-time net loss on sale of non-core vessels, was $15.3 million.

Operating expenses, excluding directly attributable cost of revenue, increased by $6.2 million, or 10.6 percent, to $64.7 million, compared to $58.5 million during the same period in 2011. Aegean said the increase was principally due to an expanded logistics infrastructure.

E. Nikolas Tavlarios, President, commented, "During the second quarter, we continued to achieve important progress executing our strategy to enhance Aegean's operational and financial performance in a challenging market environment. Based on the steady improvement in our results over the past year and a half, we increased adjusted EBITDA 34% compared to the year-earlier period while strengthening the company's future prospects. Specifically, we further expanded our global reach by entering into a strategic alliance that enables Aegean to establish an initial footprint in mainland China. We also recently announced expansion plans in Barcelona, Spain. This new and attractive market provides significant growth potential as we seek to take advantage of our scalable and high quality logistics infrastructure following the completion of our fully funded newbuild program in the second quarter.

"Complementing the growth in our global full-service platform, we took proactive measures to improve our cost structure with the sale of additional non-core assets. With an expansive and more efficient integrated marine fuel logistics chain, combined with a strong financial foundation, we remain well positioned to strengthen Aegean's leading brand as a global independent supplier of marine fuel and expand the company's future earnings power."