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Aegean Marine Petroleum Network Inc. has posted its financial and operating results for the third quarter ended September 30, 2012.

The company recorded a net income attributable to shareholders of $8.0 million, or $0.17 earnings per share. During the corresponding period last year, Aegean recorded a net loss of $3.3 million, or $0.07 loss per share. Excluding a non-cash loss of $8.6 million from the sale of a retired floating storage vessel, net income on an adjusted basis for the third quarter of 2011 was $5.3 million, or $0.11 earnings per share.

Gross profit, which equals total revenue less directly attributable cost of revenue, increased by 3.8% to $74.4 million during the third quarter of 2012 compared to $71.7 million in 2011.

Total revenues for the third quarter decreased by 0.7% to $1,825.3 million, compared to $1,838.3 million during the same period in 2011. Sales of marine petroleum products decreased by 0.8% to $1,810.5 million, compared to $1,824.9 million last year.

Operating income increased by 190.4% to $15.1 million compared to $5.2 million for the same period in 2011. Operating expenses, excluding net book gain or loss on the sale of vessels, increased by $1.4 million, or 2.4%, to $59.3 million compared to $57.9 million in 2011.

E. Nikolas Tavlarios, President, commented, "Our results for the third quarter reflect management's unrelenting focus on steadily enhancing profitability under challenging market conditions as adjusted net income increased more than 50% compared to the year-earlier period.

"During the third quarter, we commenced physical supply operations in Hong Kong, increasing Aegean's current global scale to 20 markets, covering approximately 60 ports. We also announced plans to launch operations in Barcelona, Spain, further enhancing our ability to leverage Aegean's high-quality logistics infrastructure.

"Consistent with our objective to expand Aegean's worldwide marine fuel logistics chain, we commenced utilization of the onshore storage facility in Tanger Med during the third quarter. This new facility provides important strategic benefits that will enable Aegean to ensure the availability of product for credit quality customers, enhance its purchasing power for marine fuel and generate third-party leasing income. With an expanding global full-service platform we remain well positioned to strengthen Aegean's global brand recognition and drive future performance."