Stolt-Nielsen Limited Reports Unaudited Results For the Third Quarter and First Nine Months of 2016
(Thomson Reuters ONE) -
LONDON, October 6, 2016 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the third quarter ended August 31, 2016. Net profit
attributable to shareholders in the third quarter was $22.2 million, with
revenue of $474.1 million, compared with a net profit of $37.8 million, with
revenue of $478.9 million, in the second quarter of 2016. Net profit
attributable to shareholders for the first nine months was $90.3 million, with
revenue of $1,416.9 million, compared with a net profit of $111.3 million, and
revenue of $1,489.1 million, in the first nine months of 2015.
Highlights for the third quarter of 2016, compared with the second quarter of
2016, were:
* Stolt Tankers reported an operating profit of $31.4 million, compared with
$45.3 million, reflecting lower deep-sea rates and reduced COA volume, and a
loss on bunker hedges of $0.5 million, compared with a gain of $6.5 million
in the prior quarter.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index decreased to
0.76 from 0.81.
* Stolthaven Terminals reported an operating profit of $14.8 million, up from
$13.8 million, reflecting improved operating performance at its wholly owned
terminals.
* Stolt Tank Containers' operating profit was unchanged at $10.7 million, as
marginally lower trading results were offset by higher income from joint
ventures.
* Stolt Sea Farm's operating profit before fair value adjustment of
inventories was $1.9 million, up from $0.4 million, as average prices for
turbot and caviar continued to improve in the quarter. The fair value
adjustment had a positive impact of $0.6 million, compared with a positive
impact of $3.0 million in the previous quarter.
* Corporate and Other reported an operating loss of $6.7 million, compared
with a loss of $3.9 million, predominantly due to an increased accrual for
profit sharing and long-term incentive plans, and an impairment of accounts
receivable.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of Stolt-Nielsen Limited, said: "Stolt-Nielsen's third-quarter results
were mixed. Stolt Tankers' results were held down by weak summer demand,
combined with the impact of Chinese production cutbacks and a weaker clean
petroleum products (CPP) market, which pushed swing tonnage into the chemical
tanker markets. As expected, the result was a reduction in volume with a
corresponding softness in spot freight rates. Stolthaven Terminals continued to
see an improvement in operating results for the quarter, reflecting both higher
utilization and throughput volumes, as actions to enhance Stolthaven's
performance continued to gradually take effect. At Stolt Tank Containers, while
shipments were down this quarter, both margin per shipment and gross margins
held up, indicating that the aggressive price competition in STC's markets may
be easing up. Stolt Sea Farm's results strengthened as prices and volumes sold
for turbot were up in the third quarter."
"It is difficult to forecast what the year ahead may bring. Volume growth has
not kept pace with supply-side growth, a situation made more acute by the recent
influx of CPP swing tonnage. On the demand side, the weak return volumes from
China and the Far East are likely to continue. At Stolthaven, ongoing actions to
improve performance globally are steadily yielding sustainable results in line
with our expectations. As we have said, while it will take time to achieve our
objectives, the process now underway is moving in the right direction. Results
at Stolt Tank Containers over the past year have been affected by intense price
competition, as some operators have tried to secure market share by sacrificing
profitability. We believe the decline in rates and the margin squeeze will soon
bottom out. At Stolt Sea Farm, we are encouraged by the firming of turbot and
caviar prices, and we continue to see progress at our sole farm in Iceland,
where issues affecting the low growth of the fish are gradually being overcome."
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
SNL 3Q16 Interim Report:
http://hugin.info/154/R/2047151/765177.pdf
SNL 3Q16 Earnings Release:
http://hugin.info/154/R/2047151/765176.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Stolt-Nielsen Limited via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 06.10.2016 - 08:20 Uhr
Sprache: Deutsch
News-ID 499096
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contact information:
Town:
London
Kategorie:
Business News
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