New York-listed oil and bunker trading firm World Fuel Services (WFS) posted profit for its first quarter results in 2018 (Q1 2018) largely due to a year-over-year increase in oil prices, offset by lower volume in the marine and land segments.
It recorded net profit of $31.2 million in Q1 2018, marginally lower when compared to net profit of $31.1 million in Q1 2017, according to its financial statement.
Total revenue of the firm was $4.3 billion in Q1 2018, higher than revenue of $3.3 billion in the similar quarter last year; the marine segment posted revenue of $2.0 billion in Q1 2018, lower than revenue of $2.1 billion last year.
Volume of marine fuel sold in Q1 2018 was 5.8 million metric tonnes (mt), lower than the figure of 6.9 million mt in Q1 2017.
“The largest drivers for the volume reduction relate to our operations in the Asia Pac region and our decision to exit certain low margin or unprofitable markets which we spoke about last quarter,” said Ira Birns, Executive Vice President and Chief Financial Officer of WFS, in an earnings conference call.
Michael Kasbar, Chairman and Chief Executive Officer of WFS, was positive about the marine business moving forward.
“Our marine business is doing an excellent job of managing costs and repositioning the business within the supply chain,” he says.
“We are committed to the global marine logistic markets and are well positioned to meet the requirements of 2020 by virtue of our global sourcing and distribution capabilities including LNG.”
Related: WFS: Better yields for marine segment expected in longer term
Related: WFS posts net loss of $142.0 million in 2017
Photo credit: World Fuel Services
Published: 27 April, 2018
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