Asia/Pacific News
Chinese Bunker Supplier Swings to Loss
Andatee China Marine Fuel Services Corp. [NASDAQ:AMCF] (Andatee) reports it swung to a $3.8 million net loss in the first quarter of the year, compared with a $334,972 profit in Q1 2013, while its sales fell 22 percent to $42 million.
Chairman and CEO Wang Hao said the general slow-down of the Chinese economy, along with global fluctuations in crude oil prices and seasonal issues, hurt sales for the company, which supplies fuel to cargo and fishing vessels.
"Notwithstanding the foregoing, however, we intend to remain active in the efforts to increase our share of retail sales, acquire our own retail facilities, build retail points in strategic locations to capture a majority of active local markets and add more products to our current product line," he added.
"Going forward, with the fishing industry back to normal production conditions and our strategic strength being built up, we intend to improve our performance and realize sustainable long-term growth in 2014 and beyond."
The company sold 54,205 tonnes of bunkers over the three months, down from 63,193 tonnes in Q1 2013, and selling prices also declined.
Andatee reported a 30 percent increase in sales volumes in 2013 as it widened its distribution network and added more product offerings.
