Stolt-Nielsen Limited Reports Unaudited Results For the Second Quarter and First Half of 2013
(Thomson Reuters ONE) -
LONDON, July 3, 2013 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the second quarter ended May 31, 2013. Net profit
attributable to shareholders in the second quarter was $25.7 million, with
revenue of $533.8 million, compared with $1.5 million, with revenue of $519.4
million, respectively, in the first quarter of 2013. Net profit attributable to
shareholders for the first six months was $27.2 million, with revenue of
$1,053.2 million, compared with $45.0 million, with revenue of $1,044.4 million,
respectively, in the first half of 2012.
Highlights for the second quarter of 2013, compared with the first quarter of
2013, were:
* Stolt Tankers reported an operating profit of $5.0 million compared with an
operating loss of $2.8 million, which included $2.0 million of one-time
charges. The improved operating profit was mostly due to higher deep-sea
contract rates,
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] increased to
1.20 from 1.12.
* Stolthaven Terminals reported an operating profit of $21.9 million, down
from $23.3 million, due primarily to a decrease in volume handled at
Stolthaven Santos related to the delay of sugarcane-based ethanol
production.
* Stolt Tank Containers reported an operating profit of $20.8 million, up from
$15.2 million, reflecting strong seasonal demand in its major markets.
* Stolt Sea Farm reported an operating profit of $7.4 million compared with an
operating loss of $0.1 million, reflecting a positive impact of $6.5 million
from the accounting for inventories at fair value caused by rising turbot
prices.
* Stolt-Nielsen Gas reported a loss of $1.7 million on its investment in
Avance Gas Holding Ltd. (AGHL), compared with a loss of $1.2 million.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of Stolt-Nielsen Limited, said:
"Stolt Tankers' results for the quarter reflect the modest rate increases we
have achieved in our contract portfolio over the last 12 months-this in a market
where the spot rates have moved in the opposite direction. Volumes continue to
be the challenge. Stolthaven's results softened in the quarter, mostly
attributable to our terminal in Santos, Brazil, which was impacted by a delay in
Brazilian ethanol production. Stolt Tank Containers had a good second quarter,
driven by seasonally strong demand in markets worldwide. Stolt Sea Farm also had
a good quarter, with turbot prices rising as market supplies tightened."
"The outlook for the global economy remains highly uncertain. We question the
resilience of the US growth once quantitative easing tapers off. The European
economies continue to struggle and the recent slowdown in China is also a
concern. While we have been able to achieve modest gains in our contracts of
affreightment, we do not yet see any acceleration of momentum in the market,
which is still plagued by excess tonnage and low volumes. We continue to believe
the recovery will take time. At Stolthaven, we continue to add storage capacity,
which will have a positive impact on the results going forward. At Stolt Tank
Containers, we expect increased margin pressure due to more competition. We
expect Stolt Sea Farm to continue to benefit from a price recovery for both
turbot and sole going forward."
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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,
external time charter expenses, transshipments, port costs, and bunker fuel.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
SNL 2Q13 Earnings Release:
http://hugin.info/154/R/1713784/568968.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Stolt-Nielsen Limited via Thomson Reuters ONE
[HUG#1713784]
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Datum: 03.07.2013 - 08:30 Uhr
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News-ID 275338
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