SINGAPORE-listed international bunker supplier Chemoil has reported a 31% increase in revenue fro Q3, to US$1.6bn, but also a loss of $2.5m due to hedging.
The company notes that the revenue performance in Q3 was driven largely by higher sales volumes in Panama, New York and Houston, as well as higher cargo sales. For the first nine-months of 2007, revenue stood at $3.91bn, about 20% up on the same period last year.
Chemoil's Executive Chairman and CEO, Robert V Chandran said: "We need to push ahead and it is vital that we learn from this quarter and keep moving forward. We have sold the VLCC vessel [that had been used for storage in Singapore] at a profit of $6.5 million and are gearing up to run our land based storage terminal in Jurong soon."
Mr Chandran added: "The losses sustained in 3Q represent a short term disconnect in the petroleum markets. I believe that our business model is robust and will generate shareholder value and growth in the long term as we have done in our 25 year history." |
