Global marine fuels supplier Chemoil maintained steady third-quarter net profit as revenue rose. Singapore-listed Chemoil posted third-quarter net profit of $2.5m compared to $2.6m in the same period of last year, Seatrade Asia online reports. Revenue during the period rose to $2.7bn compared to $1.7bn a year ago.
“Chemoil's new businesses, including OceanConnect Marine, Chemoil's bunker trading arm, contributed strongly to the group's profitability during 3Q2011,” said Mats Berglund, coo and cfo at Chemoil.
Tom Reilly, ceo at Chemoil, said: “While significant restructuring is still underway, underperforming business units, which are now under new local management, are showing positive improvements.”
Last year, global commodities trading house Glencore acquired a majority stake in Chemoil, triggering a restructuring in the bunker supplier that also led to changes in its management team.
“Chemoil's new businesses, including OceanConnect Marine, Chemoil's bunker trading arm, contributed strongly to the group's profitability during 3Q2011,” said Mats Berglund, coo and cfo at Chemoil.
Tom Reilly, ceo at Chemoil, said: “While significant restructuring is still underway, underperforming business units, which are now under new local management, are showing positive improvements.”
Last year, global commodities trading house Glencore acquired a majority stake in Chemoil, triggering a restructuring in the bunker supplier that also led to changes in its management team.