Aegean Marine Petroleum 3Q profit up 49 percent

AP News
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Posted: Nov 11, 2009 6:35 PM

Aegean Marine Petroleum Network Inc., which sells boat fuel and lubricants to ships in port and at sea, said Wednesday its third-quarter profit rose 49 percent as profit margins from selling marine petroleum products improved.

Net income for the quarter ended Sept. 30 climbed to $14.1 million, or 33 cents per share, from $9.5 million, or 22 cents per share, a year ago.

Total revenue fell 23 percent to $736.1 million from $950.6 million a year ago, but net revenue, which excludes the cost of goods sold and cargo transportation expenses, increased 12.5 percent to $52.2 million from $46.4 million a year ago.

The results beat estimates of analysts surveyed by Thomson Reuters, who expected profit of 30 cents per share on revenue of $623.2 million.

The profit margin on marine petroleum product sales rose nearly 8 percent, the Greek company said. Marine fuel sales volumes rose 22 percent as demand grew in Greece, United Arab Emirates and Singapore.

Shares rose 51 cents, or 2.1 percent, to close at $24.65.