Asia/Pacific News
2013 Sales Volume up 31% For Chinese Fuel Supplier Andatee
Independent Chinese bunker supplier Andatee China Marine Fuel Services Corp. [NASDAQ:AMCF] (Andatee) reports it increased its sales volume by 30.6 percent in 2013 to 387,369 tonnes.
The company's revenue grew by 19.4 percent to $273.3 million, but it swung to a net loss of $1.02 million after earning a $1.6 million profit in 2012 due mostly to increased general and administrative expense, goodwill impairment loss, and increased taxes.
"In fiscal year 2013, despite the weakness in global economy, we were able to accomplish a nearly 20% top line growth in the marine fuel supplying market by expanding our distribution network, increasing our share of retail sales and adding more products offerings," CEO Wang Hao said in a statement.
"The Company continues to maintain its position as a leading marine fuel supplier along the coast of East China."
The company reports that it benefitted from higher selling process for products including #4 and #3 fuel oil, but it was hurt by the general slow-down of the Chinese economy and global crude oil price fluctuation.
"Going forward, we expect to grow our business for higher revenue growth as well as higher profitability," Wang said.
"In the meantime, we intend to begin implementing various cost control measures in our existing business lines with the aim of improving our margins and achieving profitability in 2014 and beyond."
Andatee fell out of compliance with Nasdaq listing rules in 2012 after suffering from a downturn in the Chinese economy, but it regained compliance in October.
