Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2016
(Thomson Reuters ONE) -
LONDON, January 30, 2017 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the fourth quarter ended November 30, 2016. Net profit
attributable to shareholders in the fourth quarter was $22.8 million, with
revenue of $463.0 million, compared with a net profit of $22.2 million, with
revenue of $474.1 million, in the third quarter of 2016. Net profit attributable
to shareholders for 2016 was $113.1 million, with revenue of $1,879.9 million,
compared with a net profit of $132.7 million, and revenue of $1,983.7 million in
2015.
Highlights for the fourth quarter of 2016, compared with the third quarter of
2016, were:
* Stolt Tankers reported an operating profit of $30.4 million, down from $31.4
million, as the chemical tanker market remained soft.
* The Stolt Tankers Joint Service Sailed-in Time-Charter Index decreased to
0.72 from 0.76.
* Stolthaven Terminals reported an operating profit of $14.0 million, down
from $14.8 million.
* Stolt Tank Containers' operating profit climbed to $15.1 million, up from
$10.7 million, reflecting a combination of higher profit margins due to
lower ocean freight and repositioning costs, and lower administrative &
general expenses.
* Stolt Sea Farm's operating profit before the fair value adjustment of
inventories was $2.1 million, up from $1.9 million, as average prices for
turbot and sole continued to show modest improvement in the quarter. The
fair value adjustment had a positive impact of $0.6 million, unchanged from
the previous quarter.
* Corporate and Other reported an operating loss of $10.0 million, compared
with a loss of $6.7 million, due in part to a $2.7 million impairment for
doubtful accounts receivable at Stolt Bitumen Services and costs of $2.2
million related to the acquisition of Jo Tankers.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of Stolt-Nielsen Limited, said: "Stolt-Nielsen's fourth-quarter results
were essentially in line with our expectations. At Stolt Tankers, the softness
we observed in the prior period continued into the fourth quarter. Stolthaven's
results were essentially flat this quarter, though utilisation continued to edge
upward, reflecting continued progress toward our goal of sustainable
improvements in operational performance. At Stolt Tanker Containers, while total
shipments were seasonally down, improvements in transportation margin per
shipment suggest that price competition may be easing. At Stolt Sea Farm, while
volumes of turbot sold were seasonally down, both turbot and sole prices
continued to trend upward."
"Our outlook for 2017 remains largely unchanged from our previous guidance. In
the markets served by Stolt Tankers, there is still an oversupply of tonnage,
and with significant newbuilding deliveries in 2017, combined with a weak
product tanker market, we believe the year will be challenging. However, with
our COA portfolio and continued focus on cost reductions, we expect Stolt
Tankers to remain profitable in the year ahead. At Stolthaven, our efforts to
improve the operational performance of this business are starting to pay off,
and we expect that trend to continue this year. For Stolt Tank Containers, which
faced intense price competition in 2016, we see signs of a bottoming out of the
margin deterioration, as profitability can be sacrificed by some operators for
only so long in an effort to gain market share. At Stolt Sea Farm, we expect the
strong prices for turbot and sole to continue."
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
SNL 4Q16 Earnings Press Release :
http://hugin.info/154/R/2074539/779929.pdf
SNL 4Q16 Interim Financial Statements:
http://hugin.info/154/R/2074539/779932.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: 30.01.2017 - 18:43 Uhr
Sprache: Deutsch
News-ID 520728
Anzahl Zeichen: 4813
contact information:
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London
Kategorie:
Business News
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