Asia/Pacific News
Q3 Revenues More than Double at Andatee China Marine Fuel Services, as Bunker Volumes Rise 53%
Andatee China Marine Fuel Services Corp (ACMF) [NASDAQ:AMCF] says its third-quarter revenues more than doubled compared to last year, buoyed by a 53 percent rise in bunker sales volume.
The company reported that revenues of $146.3 million, up 138 percent from $61.6 million the year before, while gross profit has also risen 45 percent to $7.1 million.
"The increase in revenues were directly correlated to the 65,209 tons of increased sales volume of fuel," ACMF said in a statement.
ACMF chairman and CEO Wang Hao had previously announced that the company had modified its business plan early in 2014 to focus its efforts on its wholesale fuel business, along with attempting to increase sales volume among its Shanghai, Zhejiang and Shandong distributors.
The company has also spent the last year strengthening its bottom line, Wang added.
ACMF reported a $0.1 million net gain in the third quarter, up from the $0.5 million loss announced this time last year.
A decrease in general and administrative expenses also helped Andatee to recover its bottom line, the company having funnelled efforts into reducing bad debt by collecting on outstanding accounts, along with "a partial offset brought by an increase in interest expense."
The results of ACMF's switch in business strategy were first seen in the second quarter, with the company reporting a rise in bunker volume sales and a 3,767 percent rise in net income compared to the second quarter of 2013.
