Stolt-Nielsen S.A. Reports Unaudited Results For the Second Quarter and First Half of 2010
(Thomson Reuters ONE) -
LONDON, July 1, 2010 - Stolt-Nielsen S.A. (Oslo Børs: SNI) today reported
unaudited results for the second quarter and first half ended May 31, 2010. Net
profit attributable to shareholders in the second quarter was $27.5 million,
with revenue of $463.0 million, up from $18.8 million and $428.3 million,
respectively, in the first quarter.
Highlights for the second quarter of 2010, compared with the first quarter of
2010, were:
· Stolt Tankers reported an operating profit of $9.8 million, up from $3.0
million, due mainly to a higher number of operating days and gains from the sale
and recycling of ships.
· The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was
unchanged at 1.15 for the third consecutive quarter.
· Stolthaven Terminals reported an operating profit of $13.6 million, down
from $15.5 million, due mainly to one-off items in the first quarter of 2010.
· Stolt Tank Containers reported an operating profit of $15.9 million, up
from $10.6 million, driven by healthy demand in most markets worldwide.
· Stolt Sea Farm reported an operating profit of $4.8 million, up from $1.4
million, due to the positive impact of an IFRS fair value revaluation of
inventories of $3.0 million.
· Stolt-Nielsen Gas reported a loss of $2.6 million, compared with a loss of
$2.7 million, due to the continued weakness in the very large gas carrier (VLGC)
market.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of SNSA, said:
"SNSA's results overall strengthened in the second quarter. Stolt Tankers'
operating profit was up in absolute terms as the fleet size and volume of cargo
transported increased compared with the prior quarter. Results at Stolt Tankers
also benefited from gains on the sale and recycling of ships. Stolthaven
Terminals continued to perform well, though second-quarter operating profits
were down slightly due to one-time items that positively affected results in the
prior quarter. STC's strong results were driven by increased shipments and
improved margins. Stolt Sea Farm's results benefited from a revaluation of
inventories, as well as improving turbot prices toward the end of the quarter.
We continue to incur losses in our LPG transportation business, but we began to
see some evidence of an improving trend as the quarter drew to a close."
"Our newbuilding order of eight large stainless steel parcel tankers from SLS in
Korea will not be built as per the original contract and the Company is working
closely with the yard and its banks to recover our progress payments of $296
million plus interest-all of which is covered by refund guarantees. Depending
on market developments and newbuilding prices, the Company will consider
replacing the order."
"We remain concerned about the strength of the global economic recovery, and
believe that any growth will, at best, be modest in the coming years. We
believe some interesting opportunities will eventually surface when
over-leveraged companies seek second or third rounds of waivers and or have to
raise further equity in a weak and uncertain market. We are keeping our powder
dry in the meantime."
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[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index is an indexed
measurement of the sailed-in rate for the Joint Service and was set at 1.00 in
the first quarter of 1990 based on the average sailed-in time-charter result for
the fleet at the time. The sailed-in rate is a measure frequently used by
shipping companies, which subtracts from the ships' operating revenue the
variable costs associated with a voyage, primarily commissions, sublets,
transshipments, port costs, and bunker fuel.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1428736]
SNSA 2Q10 Results: http://hugin.info/154/R/1428736/376127.pdf
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Source: Stolt-Nielsen S.A. via Thomson Reuters ONE
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Datum: 01.07.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 23315
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