Bank Balances News

SGX Mainboard-listed Chemoil (SGX-ST: CHEL.SI) today that its profit after tax and minority interests for the first quarter of 2009 was $8.8m, up from $2.3m in the first quarter of 2008, or an increase of 283%. Amid the global economic slowdown, ship owners have increasingly turned to direct physical suppliers, a factor that has enabled the company to maintain profitability and increase our retail volumes by 16% to 2.17 million metric tons in 1Q2009. A decline of 23% in Chemoil’s total sales volumes in 1Q2009 to 3.76 million metric tons from 4.88 million metric tons in 1Q2008 is attributed to lower cargo and ex-wharf volumes, which was driven by prevailing market conditions.