Mainboard-listed Chemoil, one of the world’s leading suppliers of marine fuel, announced today that it expects to report a strong profit after tax for the first quarter of 2011.
“The positive operating results achieved in the fourth quarter of last year have not only continued into 2011, but also accelerated in the first quarter of this year,” says Chemoil.
Higher cargo and ex-wharf volumes as well as improved margins, have contributed to the profitability in the first quarter, which Chemoil estimates to be in excess of US$20 million ($24.5 milliion) after tax.
CEO Tom Reilly notes, “More streamlined business units and strong results from our Americas operations have allowed us to record one of our best quarterly profits in the company’s history. Our return to profitability highlights the strength of the company’s sustainability and competitive advantage inherent in our business model. With a good foundation laid in the first quarter, we are now more than ever well-positioned to seize market opportunities ahead so as to reach for new milestones of growth and expansion.”
Chemoil will provide more details about its first quarter results when it issues its earnings report next month, tentatively scheduled on May 11, 2011. The company will be having its Annual General Meeting and Extraordinary General Meeting on April 29, 2011.
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