Stolt-Nielsen Limited Reports Improved Unaudited Results For the Second Quarter and First Half of 2015
(Thomson Reuters ONE) -
LONDON, July 2, 2015 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the second quarter ended May 31, 2015. Net profit
attributable to shareholders in the second quarter was $42.5 million, with
revenue of $500.7 million, compared with a net profit of $38.7 million, with
revenue of $487.7 million, in the first quarter of 2015. Net profit attributable
to shareholders for the first six months was $81.2 million, with revenue of
$988.4 million, compared with $49.4 million, and revenue of $1,060.1 million, in
the first half of 2014.
Highlights for the second quarter of 2015, compared with the first quarter of
2015, were:
* Stolt Tankers reported an operating profit of $30.4 million, up from $19.0
million, mainly reflecting lower bunker fuel prices, an improved spot market
and the favourable impact of the stronger U.S. dollar.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index[1] was 0.72, up
from 0.67 in the first quarter.
* Stolthaven Terminals reported an operating profit of $14.3 million, down
from $15.6 million, mainly reflecting increased maintenance costs at
Stolthaven Houston.
* Stolt Tank Containers reported an operating profit of $18.6 million, up from
$16.0 million, driven by increased shipments and the positive impact of the
stronger U.S. dollar.
* Stolt Sea Farm reported an operating profit of $5.2 million, compared with
an operating loss of $0.3 million. Volume sold of turbot and sole increased
during the quarter. The accounting for inventories at fair value had a
positive impact of $4.6 million in the second quarter, compared with a
negative impact of $1.1 million in the first quarter.
* Corporate and Other reported an operating profit of $2.8 million, compared
with $21.1 million. The first quarter included a gain of $19.8 million
before tax, resulting from the previously reported curtailment of a defined
benefit pension plan.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of Stolt-Nielsen Limited, said:
"Stolt-Nielsen Limited's results were up in the second quarter, driven mainly by
improved performance at Stolt Tankers, which benefited from higher spot-market
rates, combined with lower bunker costs, and the positive impact of a stronger
U.S. dollar. Utilisation and volume, however, remained flat in the quarter. At
Stolthaven Terminals, second-quarter results remained disappointing and we
continue to focus on efforts to improve the operational efficiency, utilisation
and margins in the terminal division. Stolt Tank Containers reported improved
results, but the seasonal rebound in shipments that we normally see in this
quarter was less than expected. Stolt Sea Farm also had much improved results,
with higher turbot sales during the quarter. Production from our new sole farm
in Iceland is slowly ramping up and looks promising."
"While Stolt Tankers may continue to see near-term benefits from the factors
driving the recent improvements, the longer-term outlook remains challenging. We
see little evidence of strengthening volumes in the parcel tanker market, which
is essential if we are to see a sustained turnaround, especially considering the
substantial number of newbuildings scheduled to enter the chemical tanker market
in 2016 and 2017. Similarly, chemical volumes appear to be slipping in tank
container markets compared with a year ago, but Stolt Tank Containers has thus
far managed to sustain its margins."
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[1] Effective with the second quarter 2014, the Sailed-in Time Charter index has
been revised. The Stolt Tankers Joint Service Sailed-in Time-Charter index is an
indexed measurement of the performance of the market in which the Joint Service
operates. The sailed-in rate per operating day is a measure frequently used by
shipping companies, which subtracts from a ship's operating revenue the variable
costs associated with a voyage, primarily commissions, sublets, transshipments,
port costs, and bunker fuel. The previous index was set at 1.00 in the first
quarter 1990, based on the average sailed-in time-charter result for the fleet
at the time. The new index has been set at 1.00 in the first quarter of 1996. In
addition, the sailed-in time charter result has been adjusted to exclude the
impact of bunker hedge results and changes to the average ship size in the
fleet. Finally, the sailed-in time charter result has been adjusted for the
average inflation rate from 1996 onwards. The inflation rate applied is the
Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by
expenditure category and commodity and service group, all items (1982-84=100) as
published by the Bureau of Labor Statistics as part of the Consumer Price Index
Detailed Reports.
SNL 2Q15 Earnings Release:
http://hugin.info/154/R/1933571/696016.pdf
SNL 2Q15 Interim Financial Statements:
http://hugin.info/154/R/1933571/696017.pdf
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(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 GlobeNewswire
[HUG#1933571]
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Datum: 02.07.2015 - 07:50 Uhr
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News-ID 404377
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