SINGAPORE: Mainboard-listed Chemoil Energy has reported a net profit of US$10.4 million for the third quarter, compared with a loss of US$2.6 million in the same period a year ago.

The sharp improvement was due partly to a 70 per cent jump in revenue to US$2.7 billion.

Chemoil also saw a US$63.5 million gain on hedges in the crude oil market.

All in, for the first nine months, net profit amounted to US$34.7 million, more than double on-year.

Looking ahead, Chemoil said it is cautiously optimistic about the strength of its market position.

The company said it is well diversified to better manage the turbulent market conditions. - CNA/vm