Chemoil Continues Trend of Profitability

Friday, August 07, 2009

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) announced that its profit attributable to equity holders for the second quarter of the 2009 financial year (FY2009) was $12.2m leading to 1st half results of $21.1m.

Profit for 2Q2009 increased 38.6% from the $8.8m recorded in 1Q2009. Chemoil’s retail volumes grew by 11% despite an overall reduction of sales volume by 15%.

Gross contribution per metric ton (GCMT), a key performance indicator, was $11.61 in 2Q2009, which represents a 10.4% increase over 2Q2008 GCMT of $10.52 and a 32.8% increase over 1Q2009 GCMT of $8.74. Chemoil’s continued ability to focus on profitable market segments in challenging economic conditions has helped the company to maintain its profitability.

Mike Bandy, Chemoil’s Chairman and Chief Executive Officer, said “The economic downturn continued to affect the global demand for fuel oil. However, Chemoil has expanded its retail marine fuel business, where volumes increased from 2Q2008 due to strong sales in Europe and Asia. In addition, our entry into new markets, such as India and the Middle East, is on track and performing as expected.”

Jerome Lorenzo, Chemoil’s Chief Financial Officer, said “Our financial position remains solid, with a healthy balance sheet, working capital of $160m and shareholders’ equity of $305 million at the end of June 2009. We continue to have good liquidity and credit availability for our working capital needs. Our financing cost has fallen by 41% compared to 2Q2008 as a result of lower debt levels, and we have improved the quality of earnings as highlighted by our improved GCMT levels.”

Summing up the company’s performance, Mike Bandy said “The second quarter reflected Chemoil’s ability to sustain positive earnings, as customers turned to reliable physical suppliers during this period of market slowdown. 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. Credit controls and customer relationships have also played a significant role in our success.”

(www.chemoil.com)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

ABS to Class First Self-elevating Unit Built in Qatar

ABS, a provider of classification services to the global offshore industry, was selected by Nakilat-Keppel Offshore & Marine (N-KOM) to class its LB310S liftboat,

Industry Partnership to Enhance BOP Maintenance

The maintenance of blowout preventers (BOPs) has significant financial, logistical and safety implications for drilling operators and rig owners. DNV GL has now

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0729 sec (14 req/sec)