Americas News
WFS Posts Third Quarter Loss
US-based marine and aviation fuel company World Fuel Services posted a $38.5 million loss in its third quarter results. In the same period a year ago, the company made $43 million in profit.
The quarterly loss is attributed to a non-cash accounting charge of $77 million relating to a US deferred tax valuation allowance, the company said.
The company is upbeat going forward.
"We have a solid pipeline of initiatives to accelerate organic growth and remain committed to our long-term strategy of leveraging our comprehensive energy management, omni-channel fulfillment and payments platform," company chairman and chief executive Michael J Kasbar said.
Revenue over the period was up from $7.4 billon to $8.5 billion, according to the company.
The company's marine segment made a gross profit of $30.5 million, representing a 18% drop over the same quarter a year ago. Bunker sales volume was also down over the period.
