Stolt-Nielsen Limited Reports Unaudited Results For the Fourth Quarter and Full Year of 2015
January 28 2016 - 2:15AM
LONDON, January 28,
2016 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the fourth quarter ended November 30, 2015.
Net profit attributable to shareholders in the fourth quarter was
$21.4 million, with revenue of $494.6 million, compared with a net
profit of $30.1 million, with revenue of $500.7 million, in the
third quarter of 2015. Net profit attributable to shareholders for
2015 was $132.7 million, with revenue of $1,983.7 million, compared
with $77.1 million and revenue of $2,137.9 million in 2014.
Highlights for the fourth quarter of
2015, compared with the third quarter of 2015, were:
-
Stolt Tankers
reported an operating profit of $35.4 million, compared with $37.5
million, mainly reflecting accelerated depreciation on ships
scheduled for recycling and the continuing positive impact of lower
bunker costs.
-
The Stolt Tankers
Joint Service Sailed-in Time-Charter Index was 0.77, compared with
0.75 in the third quarter.
-
Stolthaven
Terminals reported an operating profit of $2.6 million, down from
$6.4 million, mainly due to write-offs of certain assets,
accelerated depreciation and settlements of customer
claims.
-
Stolt Tank
Containers reported an operating profit of
$13.1 million, down from $15.6 million, mainly reflecting lower
utilisation from a reduction in shipments and costs related to the
early recycling of a certain series of tank containers.
-
Stolt Sea Farm
reported an operating loss of $2.5 million including fair value
adjustments, compared with an operating loss of $2.1 million.
The accounting for inventories at fair value
had a negative impact of $2.7 million, compared with a negative
impact of $2.1 million in the third quarter.
-
Corporate and
Other reported an operating loss of $5.0 million, compared with
operating income of $2.4 million, reflecting increased employee
profit-sharing allocations and higher equity loss on its investment
in Stolt LNGaz Ltd.
Commenting on the Company's results,
Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of
Stolt-Nielsen Limited, said: "Stolt Tankers' improved performance
continued in the fourth quarter, driven mainly by lower bunker
costs. Results included $4.1 million of accelerated depreciation on
ships scheduled for recycling, due to falling steel prices. Poor
results at Stolthaven Terminals were attributable to accelerated
depreciation of certain assets and continued actions to enhance
efficiency and improve profitability at Stolthaven Houston, though
the underlying dynamics of the storage market remain solid. Stolt
Tank Containers' performance softened in the fourth quarter,
reflecting fewer shipments and costs associated with the recycling
of a series of tank containers."
"Looking ahead in 2016, Stolt Tankers
is likely to continue to perform well near-term, but unless global
trade flows pick up, the additional newbuilding tonnage scheduled
to come into the market this year and in 2017 may negatively impact
our results. The outlook for the global economy and trade provides
limited comfort. Considering the uncertain outlook we will continue
to manage our businesses conservatively in order to be well
positioned to capitalise on opportunities that may arise in a weak
market."
This
information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
SNL 4Q15 Earnings Press
Release
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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
HUG#1981763
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