Vopak Q1 op profit up 28% with healthy outlook

26 April 2007 08:57  [Source: ICIS news]

SINGAPORE (ICIS news)--Dutch storage firm Vopak on Thursday reported a 28% year-on-year rise in first quarter operating profit excluding exceptionals as it filled more of its terminals and flagged an expected 15%-20% rise in 2007.

 

The company said it was raising its earnings forecast for the year due to an excellent first quarter and a healthy outlook.

 

Operating profit for the three months ending 31 March 2007 was €67.6m ($91.9m), up from €52.8m in the same period a year earlier. Before exceptionals, operating profit rose 31% to €69m.

 

The company attributed the earnings growth to increased capacity, higher occupancy rates and improved margins.

 

Its Chemicals Europe, Middle East & Africa division further improved occupancy rates and margins, and increased operating profit for the quarter by 69% to €20.9m.

 

Additional capacity was commissioned at the Vlaardingen terminal in the Netherlands during the period.

 

Operating profit at the Asia division rose 14% to €19.2m due to commissioning of new chemicals terminals in Banyan (Singapore) and expansion in Caojing (China).

 

In North America, first quarter operating profit grew 7% to €7.2m amid better occupancy rates.

 

($1 = €0.73)

 

By: Abdul Hadhi
+65 6780 4359

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