Netherlands' Vopak posts 17% rise in H1 profit

28 August 2008 08:25  [Source: ICIS news]

MUMBAI (ICIS news)--Vopak has posted a 17% year-on-year rise in its net profit for the first half of 2008 to €106.9m ($157.2m) due to continued demand for storage capacity, the Dutch chemical and oil products tank terminal operator said on Thursday.

“The improvement was achieved by a combination of improved occupancy rate at existing terminals, new terminals coming on stream, acquisitions and an increase in turnover per cubic metre of storage capacity,” the company said.

For the period, the company’s operating profit rose 12% to €166.5m and its sales rose 7% to €453.9m on strong contributions from all segments, the company added.

“In the past six months, consistent ongoing implementation of our strategy has again led to an increase in group operating profit,” John Paul Broeders, CEO said.

Vopak is positive about its commercial, operating and financial development and so fully maintains its expectation for 2008 issued previously of an increase of about 10% in group operating profit excluding exceptional items, as against €272.9m in 2007.

($1 = €0.68)

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By: Isha Jha
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