Stolt-Nielsen S.A. Reports Unaudited Results For the First Quarter of 2010
April 07 2010 - 6:44AM
Marketwired
Stolt-Nielsen S.A. (Oslo Bors: SNI) today reported unaudited
results for the first quarter ended February 28, 2010. Net profit
attributable to shareholders in the first quarter was $18.8
million, with revenue of $428.3 million, down from $22.3 million
and $430.5 million respectively in the fourth quarter.
Highlights for the first quarter of 2010 compared with the
fourth quarter of 2009 were:
* Stolt Tankers reported an operating profit of $3.0 million, down
from $11.3 million, reflecting modestly lower trading results and
the reversal in the fourth quarter of certain cost provisions
from prior periods.
* The Stolt Tankers Joint Service Sailed-in Time-Charter
Index[1] was unchanged at 1.15.
* Stolthaven Terminals reported an operating profit of $15.5
million, up from $14.5 million, as additional capacity came
onstream and throughput volumes increased.
* Stolt Tank Containers reported an operating profit of $10.6
million, up from $9.7 million, reflecting stable market
conditions overall and the benefits
of actions to reduce operating costs.
* Stolt Sea Farm reported an operating profit of $1.4 million,
compared with a loss of $2.0 million.
* Stolt-Nielsen Gas commenced operations in the first quarter of
2010 and reported an operating loss of $2.7 million, due to poor
market conditions, ship repositioning and prolonged waiting
times.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen,
Chief Executive Officer of SNSA, said:
"Our first quarter results reflect the challenging market
conditions that we have consistently communicated to the market
over the past several quarters. Results for Stolt Tankers' deep-sea
trade were essentially flat, which was reflected by the sailed-in
index, while results for our European and Southeast Asian regional
fleets were disappointing. Stolthaven Terminals and Stolt Tank
Containers both reported higher operating profits driven by
increased capacity and healthy demand. Results at Stolt Sea Farm
showed signs of improvement due to higher turbot prices."
"During the first quarter we took delivery of Stolt Avance, our
first acquisition in the very large gas carrier (VLGC) segment.
This ship will trade alongside the time-chartered ship Yuhsho in
the spot market. Poor first- quarter operating results reflected
the significant oversupply of ships, which has brought freight
rates below voyage-cost levels. We expect this situation to improve
as new Middle East gas production reaches the market later this
year."
"We question the sustainability of the strong recovery in China
once the stimulus is cut back. As the traditional Chinese export
markets are buying less, China in turn becomes more dependent on
its domestic demand, which will take some time to develop. We
therefore repeat our concerns about the market fundamentals going
forward. Our strategy is to continue to operate our businesses in a
conservative manner, exercising tight control over our costs and
capital expenditures."
[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index
is an indexed measurement of the sailed-in rate for the Joint
Service and was set at 1.00 in the first quarter of 1990 based on
the average sailed-in time-charter result for the fleet at the
time. The sailed-in rate is a measure frequently used by shipping
companies, which subtracts from the ships' operating revenue the
variable costs associated with a voyage, primarily commissions,
sublets, transshipments, port costs, and bunker fuel.
This information is subject of the disclosure requirements acc.
to §5-12 vphl (Norwegian Securities Trading Act)
[HUG#1401066]
For additional information please contact:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
j.engelhardtsen@stolt.com
Jens F. Gruner-Hegge
V.P. Corporate Finance
UK +44 (0) 20 7611 8985
j.gruner-hegge@stolt.com
SNSA Reports Unaudited Results for 1Q10:
http://hugin.info/154/R/1401066/356170.pdf
Stolt Nielsen . (NASDAQ:SNSA)
Historical Stock Chart
From Apr 2024 to May 2024
Stolt Nielsen . (NASDAQ:SNSA)
Historical Stock Chart
From May 2023 to May 2024