Stolt-Nielsen Limited Reports Unaudited Results For the Third Quarter and First Nine Months of 2018
October 04 2018 - 2:30AM
LONDON, October
4, 2018 - Stolt-Nielsen Limited (Oslo Børs: SNI) today reported
unaudited results for the third quarter ended August 31, 2018. Net
profit attributable to shareholders in the third quarter was $3.0
million, after a $12.9 million negative impact resulting from a
change in the accounting for the Company's investment in Avance Gas
Holdings Limited, with revenue of $543.1 million, compared with a
net profit of $9.5 million, with revenue of $541.0 million, in the
second quarter of 2018. Net profit attributable to shareholders for
the first nine months was $51.3 million, with revenue of $1,599.4
million, compared with $49.2 million, with revenue of $1,490.2
million in the first nine months of 2017.
Highlights for the third quarter
of 2018, compared with the second quarter of 2018, were:
-
Stolt Tankers reported an
operating profit of $21.4 million, down from $26.5 million, mainly
reflecting a reduced gain on bunker hedges, along with a $2.1
million increase in bunker costs net of surcharges.
-
The Stolt Tankers Joint Service
Sailed-in Time-Charter Index was 0.58, compared with 0.59 in the
prior quarter.
-
Stolthaven Terminals reported
an operating profit of $18.6 million, down from $20.2 million. The
prior quarter benefited from $1.6 million in equity income related
to an early contract termination by a customer.
-
Stolt Tank Containers reported
an operating profit of $17.7 million, down from $18.8 million,
reflecting a seasonal decrease in the number of
shipments.
-
Stolt Sea Farm's operating
profit before the fair-value adjustment of inventories was $2.1
million versus $2.4 million.
-
Corporate and Other reported an
operating loss of $3.3 million, compared with a loss of $20.9
million in the prior quarter, which included an $11.8 million
impairment related to two bitumen ships, losses on bitumen trading,
and higher administrative and general expenses.
Commenting on the Company's
results, Niels G. Stolt-Nielsen, Chief Executive Officer
of
Stolt-Nielsen Limited, said: "SNL's third-quarter operating results
presented no surprises. At Stolt Tankers, bunker fuel prices
continued to trend upward. The increase was only partially offset
by bunker surcharges and the positive impact of our hedging
programme, while spot rates were held down due to excess available
tonnage. At Stolthaven, underlying operating results were
essentially unchanged for the second quarter in a row, though
utilisation continued to improve. While Stolt Tank Containers'
third-quarter results were down in line with seasonal patterns,
underlying performance remained solid, with an additional 1,000
leased tanks added to the fleet in the quarter. Stolt Sea Farm's
results for the quarter reflected the continued strengthening of
turbot prices, which at quarter-end stood at their highest level
since the fourth quarter of 2016."
"Looking ahead, the chemical
tanker market is likely to remain weak until the tonnage picture
improves later next year. In the meantime, fluctuating bunker
prices will continue to impact results. At Stolthaven Terminals, we
continue to see steady improvements in both utilisation and
operational enhancements, in line with our long-term goals. At
Stolt Tank Containers, the outlook remains positive as global tank
container demand continues to grow and STC continues to leverage
its strengths as the market leader. For Stolt Sea Farm, continued
overall improvement is anticipated, driven by higher turbot prices
and the broadening of our markets."
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
SNL 3Q18 Earnings Press Release
SNL 3Q18 Interim Financial Statements
This
announcement is distributed by West Corporation on behalf of West
Corporation 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
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