Stolt-Nielsen S.A. Reports Unaudited Results For the Second Quarter and First Half of 2009
July 02 2009 - 6:14AM
Marketwired
LONDON, July 2, 2009 - Stolt-Nielsen S.A. (Oslo B�rs: SNI) today
reported unaudited results for the second quarter and first half
ended May 31, 2009.
Highlights for the second quarter of 2009 compared with the
first quarter of 2009 included:
* Net profit attributable to shareholders increased to $27.7
million from $14.4 million.
* Revenue was essentially unchanged at $393.3 million,
compared with $392.3 million.
* Stolt Tankers reported an operating profit of $1.7 million
versus a loss of $2.5 million, as reduced operating costs more than
offset the impact of lower revenue.
* The Stolt Tankers Joint Service Sailed-in Time-Charter
Index[1] increased by 10.1% to 1.09 from 0.99.
* Stolthaven Terminals reported an operating profit of $11.9
million, up from $9.6 million, due to higher revenue at the
division's wholly owned terminals and higher equity income from
Stolthaven's joint-venture facilities.
* Stolt Tank Containers reported an operating profit of $18.4
million, up from $12.9 million, reflecting higher revenues driven
by increased shipments combined with a decrease in operating
expenses.
* Stolt Sea Farm reported an operating profit of $4.9
million, compared with $1.2 million, largely because of the
positive impact of a $4.0 million fair value revaluation of
inventories in the current quarter.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen,
Chief Executive Officer of SNSA, said:
"While SNSA's second-quarter results nearly doubled compared
with the previous quarter, we remain concerned about the economic
outlook and its potential impact. We have seen significant declines
in the volume of cargo shipped, reflecting the dramatic slowdown in
global economic activity. The improvements in the second quarter
were driven by short-lived inventory corrections following the
dramatic destocking of inventory we saw in the first quarter. We
expect volumes and rates to remain under pressure until a sustained
economic recovery gets underway. At Stolt Sea Farm we anticipate
little improvement in market conditions, if any, prior to the
commencement of a meaningful economic recovery."
"To counter the negative effects of the economic crisis, we have
continued to implement measures to conserve cash, enhance our
credit and collections processes, lock in interest rates and reduce
costs. A hiring freeze also remains in effect. With our strong
balance sheet and available liquidity, and the fact that long-term
financing for our newbuilding programme is secured, we believe SNSA
is well positioned to manage the challenges and uncertainty
ahead."
"As previously noted, SNSA remains in full compliance with all
its loan covenants and the value of the Company's assets has not
been impaired."
[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 announcement was originally distributed by Hugin. The
issuer is solely responsible for the content of this
announcement.
Copyright � Hugin AS 2009. All rights reserved.
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