ChemOil Energy Ltd : Chemoil Records US$ 8.8 Million Profit for 1Q 2012
05/15/2012| 05:44am US/Eastern
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For Immediate Release
CHEMOIL RECORDS US$ 8.8 MILLION PROFIT FOR 1Q 2012
Singapore, May 11, 2012 - SGX mainboard-listed Chemoil
(SGX-ST: CHEL.SI), one of the world's leading suppliers of
marine fuel, announced today that it has recorded profit
after tax attributable to equity holders of US$ 8.8 million
for the first quarter of 2012 (US$ 23.3 million for
1Q2011).
The business activities hit new highs as the group generated
revenue of US$ 3.5 billion, up 36% from last year. Gross
contribution per metric ton, the company's key margin
indicator, was US$ 8.9 per metric ton during 1Q2012, down
from US$ 14.4 for 1Q2011.
Commenting on the 1Q2012 result, Chemoil's CEO, Tom Reilly
stated, "1Q2012 results were positive and on target despite
being adversely impacted by US$ 1.8 million in restructuring
costs associated with our non-core legacy assets. Our
objective is to complete the restructuring by end 2012. The
first quarter
2012 represents the fifth profitable quarter in a row for
Chemoil. This corresponds to an annualized return on
shareholder's equity after tax of about 10%, in light of the
difficult times in the shipping industry, restructuring costs
related to our non-core businesses and that we are in the
start-up phase of our new businesses".
Tom Reilly added, "The growth prospects for 2012 and beyond
are promising. We continue to strengthen our marine fuels
organization and to exit non-core activities. Additionally,
we are aiming to grow and diversify Chemoil's long term
profitability through related fuel sales businesses such as
our new start-ups Chemoil Aviation (jet fuel) and Chemoil
Energy (land diesel sales)".
END
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About Chemoil
As one of the marine fuel industry's leading suppliers,
Chemoil delivers energy through controlling all key stages of
the marine fuel supply chain, providing exceptional value to
its customers and maximizing profitability by converting
expenses to assets - acquiring, developing and controlling
physical infrastructure within the supply chain. It has
integrated supply operations in Los Angeles, New York,
Houston, Philadelphia, Singapore, Panama, United Arab
Emirates, India and the Amsterdam-Rotterdam-Antwerp (ARA)
region. Chemoil also has significant bunker trading and
broking capabilities in multiple ports around world through
OceanConnect Marine. Its affiliated companies include Galaxy,
Burando, GPSChemoil and ChemoilAdani. Established in 1981,
Chemoil continually challenges industry practices and
provides leadership through its progressive and innovative
approach to delivering energy. It has been at the forefront
of supplying cleaner fuels to meet customer demands in light
of changing legislation to protect the environment. Chemoil
was listed on the Main Board of Singapore Exchange Securities
Trading Limited (SGX-ST) on December
14, 2006. More information on Chemoil is available at
www.chemoil.com.
Forward Looking Statements
This press release may contain forward looking statements
relating to Chemoil's performance that are based on
management's current expectations, estimates and projections
about the oil, chemicals and other energy-related industries.
Actual future performance, outcomes and results may differ
materially from those expressed in forward looking statements
as a result of a number of risks, uncertainties, assumptions
and other factors, some of which are beyond Chemoil's control
and are difficult to predict. You are cautioned not to place
undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Unless
legally required, Chemoil undertakes no obligation to update
publicly any forward looking statements, whether as a result
of new information, future events or otherwise.
Representative examples of other factors that may impact the
forward looking statements include (without limitation)
general industry, international economic and political
conditions, crude oil prices, refining margins, competition
from other companies, the competitiveness of alternate energy
sources or product substitutes, shifts in customer demands,
customers and partners, changes in operating expenses,
including all other unpredictable or unknown factors not
discussed in this press release, which could also have
material adverse effects on forward looking statements
contained in this release as well as other statements made by
Chemoil.
For all enquiries, please contact:
Chemoil Investor Relations Chemoil Media Relations
ir@chemoil.com pr@chemoil.com
Tel: 65 6880 8200 Tel: 65 6880 8200
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