Stolt-Nielsen Limited Reports Unaudited Results For the Second Quarter and First Half of 2017
(Thomson Reuters ONE) -
LONDON, July 6, 2017 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the second quarter ended May 31, 2017. Net profit
attributable to shareholders in the second quarter was $15.6 million, with
revenue of $500.8 million, compared with a net profit of $15.2 million, with
revenue of $475.7 million, in the first quarter of 2017. Net profit attributable
to shareholders for the first six months was $30.8 million, with revenue of
$976.5 million, compared with $68.2 million, with revenue of $942.8 million, in
the first half of 2016.
Highlights for the second quarter of 2017, compared with the first quarter of
2017, were:
· Stolt Tankers reported an operating profit of $27.6 million, compared with
$28.5 million, reflecting continued softness in the chemical tanker market, as
rates overall edged lower and bunker prices continued to rise.
· The Stolt Tankers Joint Service Sailed-in Time-Charter Index was 0.67,
versus 0.68.
· Stolthaven Terminals reported an operating profit of $16.1 million, down
from $16.7 million, primarily reflecting lower utilisation at the Singapore
terminal.
· Stolt Tank Containers reported an operating profit of $13.7 million, up
from $9.0 million, as markets firmed after the seasonally weak first quarter.
· Stolt Sea Farm's operating profit before the fair value adjustment of
inventories was $0.7 million, compared with a profit of $2.2 million in the peak
holiday sales period. The fair value adjustment had a positive impact of $1.7
million, compared with a negative impact of $3.5 million in the first quarter.
· Corporate and Other reported an operating loss of $8.2 million, compared
with a loss of $4.6 million, reflecting legal and other reorganisation expenses,
higher administrative and general expenses, and lower earnings from joint
ventures.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive
Officer of Stolt-Nielsen Limited, said: "SNL's second-quarter results were
disappointing overall, but in line with both our expectations and our results in
the first quarter, as the fundamentals of our markets remained largely
unchanged. At Stolt Tankers, the softening of the chemical market that we have
seen since the third quarter of last year continued, but at a slower rate. While
the demand side growth remains at historical levels, the pressure we see on
rates is a result of excess supply from new ships entering the market. Results
at Stolthaven Terminals were much in line with the prior quarter, with actions
to improve sustained long-term performance continuing. The bright spot in the
quarter was Stolt Tank Containers, which reported much improved results, up from
the seasonally weak first quarter. Stolt Sea Farm posted weaker operating
results, excluding the impact of fair value adjustments. Following SSF's
seasonally strong first quarter, consistent production of large turbot continued
to drive sales volumes, though prices were down in the second quarter. We were
also pleased to see that the growth of sole from our farm in Iceland now seems
to be improving."
"Our outlook remains cautious. We do not expect a significant improvement in the
chemical tanker market until most of the current orderbook has been delivered,
which, barring any new orders, is expected to be in the second half of 2018. For
Stolthaven Terminals, we expect gradual improvements in earnings going forward,
and for STC we expect market conditions in line with those of this latest
quarter."
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Interims :
http://hugin.info/154/R/2118364/806668.pdf
Earnings Release :
http://hugin.info/154/R/2118364/806659.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: 06.07.2017 - 08:15 Uhr
Sprache: Deutsch
News-ID 551252
Anzahl Zeichen: 4572
contact information:
Town:
London
Kategorie:
Business News
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