Image Credits: World Fuel Services
Repost: Global energy management company World Fuel Services (WFS) on Thursday (29 July) posted a net income of $17.6 million for the three months ended 30 June (Q2 2021) due to increasing volumes across the business.
“As travel and economic activity continue to recover, we have seen volumes improve across our businesses and are optimistic about increasing demand for the balance of the year,” stated Michael J. Kasbar, chairman and CEO of WFS.
“We have also been positioning ourselves to best serve the needs of our customers as they navigate the ongoing evolution of energy consumption.”
The company recorded net income of $17.6 million for Q2 2021, compared to losses of 10.2 million during Q2 2020.
Specifically, its marine fuels segment generated gross profit of $22.7 million in Q1 2021, a decrease of 39% year-over-year, principally attributable to lower profitability as compared to Q2 2020.
The development was due to volatility arising from the implementation of the IMO 2020 regulations, as well as competitive market conditions and limited price volatility, it said.
Revenue of the marine fuels segment was $1.82 billion in Q2 2021, higher than revenue of 0.94 billion recorded in Q2 2020, while income from the segment was $4.8 million in Q2 2021, lower than income of $13.3 million in the similar period last year.
WFS sold 4.6 million metric tonnes (mt) of bunker fuel in Q2 2021, more than the $4.0 million mt delivered during Q2 2020.
Reports of WFS previous year financial performance are as follows:
Related: WFS marine segment generated gross profit of $25.4 million, down 57% on year in Q1 2021
Related: WFS 2020 marine segment gross profit down by 17% on year due to Covid-19 factors
Related: WFS marine segment gross profit down 40% on year to $32 million during Q3 2020
Related: WFS Q2 2020 results report operating segments ‘negatively impacted’ by Covid-19
Related: WFS marine segment posts highest level of quarterly gross profit in more than five years
Related: WFS marine sales volume approximately 12% down in FY 2019