November 9, 2011 [Reuters] - Aegean Marine Petroleum Network Inc posted better-than-expected quarterly results, helped by higher prices of marine fuel.
Greece-based Aegean — which supplies marine fuel and lubricants to ships in ports and at sea — said it started physical supply and onshore storage operations in Panama in the third quarter.
In the quarter ended Sept.30, the company recorded a net loss of $3.3 million, or 7 cents a share, compared with a profit of $4.6 million, or 10 cents a share, a year ago.
Excluding items, Aegean earned 11 cents a share.
Total revenue jumped more than 37 percent to $1.84 billion.
Sales of marine petroleum products increased 37 percent to $1.82 billion.
Analysts expected the company to earn 10 cents a share on revenue of $1.72 billion, according to Thomson Reuters I/B/E/S.
The gross spread per metric ton of marine fuel sold increased to $23.4 per metric ton from $18.7 per metric ton, last year.
