Stolt-Nielsen S.A. Reports Unaudited Results For the First Quarter of 2010
(Thomson Reuters ONE) -
LONDON, April 7, 2010 - Stolt-Nielsen S.A. (Oslo Børs: 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."
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[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]
SNSA Reports Unaudited Results for 1Q10: http://hugin.info/154/R/1401066/356170.pdf
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Datum: 07.04.2010 - 06:35 Uhr
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