Vopak's Q3 operating profit up 18% to €80.8m

05 November 2008 11:09  [Source: ICIS news]

SINGAPORE (ICIS news)--Dutch petrochemical storage and transport company Vopak reported an 18% year-on-year increase in its third-quarter group operating profit to €80.8m ($62.2m), up from €68.6m, driven by larger worldwide capacities, the company said on Wednesday.

“Many structural factors determine demand for storage and transhipment of liquid products, including a greater number of product specifications and the increasing distance between the places of production and use of oil products and bulk chemicals,” said John Paul Broeders, Vopak’s executive board chairman.

Vopak’s operating profits in Asia grew 22% to €24.2m.

This was a result of increased capacities from its new storage tanks at the Banyan terminal in Singapore, expansion of the Penjuru terminal in Singapore, the acquisition of an Indonesian terminal in Merak and the Nippon Vopak joint venture in Japan.

Looking ahead, Vopak gave an indication for its 2011 group operating profit before depreciation and amortisation (EBITDA) of €475-550m.

“We are closely monitoring current financial market developments and the expected slowdown in economic growth and are, of course, alert to any ensuing opportunities and threats,” said Broeders.

($1 = €0.77)

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By: Leon Toh
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