Singapore-headquartered Chemoils profits have leapt almost 40% this financial quarter.
Profit for Q2 2009 increased 38.6% from the US$8.8 million (6.14 million) recorded in Q1 2009 owing to an expanded retail marine fuel business, where volumes increased from 2Q2008 due to strong sales in Europe and Asia.
Chemoils retail volumes grew by 11% despite an overall reduction of sales volume by 15%.
Profit for the financial year Q2 2009 was $12.2 million leading to 1st half results of $21.1 million.
Gross contribution per metric ton (GCMT), a key performance indicator, was $11.61 in Q2 2009, which represents a 10.4% increase over Q2 2008 GCMT of $10.52 and a 32.8% increase over Q1 2009 GCMT of $8.74. Chemoils continued ability to focus on profitable market segments in challenging economic conditions has helped the company to maintain its profitability.
The economic downturn continued to affect the global demand for fuel oil. However, Chemoil has expanded and our entry into new markets, such as India and the Middle East, is on track and performing as expected, Mike Bandy, Chemoils chairman and CEO, says.
The strength of our global network, combined with our ability to adapt and remain flexible in our sales mix and growth strategy, has enabled us to remain competitive in the first half of this very challenging year, Bandy adds.
Chemoil delivers energy through controlling all key stages of the marine fuel supply chain, acquiring, developing and controlling physical infrastructure within the supply chain.
It has integrated operations in the US in Los Angeles, New York, Houston; Singapore; Panama; United Arab Emirates; India; and the ARA region (Antwerp, Rotterdam and Amsterdam).
In 2008, the company delivered over 16.5 million tons of fuel.