27 January 2011 08:36 [Source: ICIS news]
SINGAPORE (ICIS)--Norwegian shipping firm Stolt-Nielsen said on Thursday its fourth-quarter net profit surged 47% year on year to $33m (€24m) on the back of a strong performance from its tank containers business.
Revenue for the three-month period soared 67% to $459.4m, with operating profit soaring 63% to $45.5m, it said in a statement.
Stolt-Nielsen added that interest income and gains from asset sales boosted earnings for the December quarter.
For the whole of last year, the company had an 11% jump in net profit of $106.1 on sales of $1.79bn, which was up 8.5% year on year, the company said.
Operating profit was up 30% year on year to $160.9m, it said.
“Looking back on 2010 as a whole, SNL performed well in what was, as expected, a challenging year,” said company CEO Niels Stolt-Nielsen in a statement.
Its tank containers business more than doubled its fourth-quarter operating profit to $21m, helping the segment’s full-year earnings post an 18.6% increase at $64.3m.
The company’s tankers division, on the other hand, had a slight dip in fourth-quarter operating profit to $11m from $11.3m in the previous corresponding period, but the full-year earnings posted a 26.6% increase at $31.4m, Stolt-Nielsen said.
“We believe SNL is well positioned to face 2011 and make the most of opportunities that may arise, as well as generate a healthy profit once market conditions eventually improve,” CEO Niels Stolt-Nielsen
In the tankers business, however, the company still expected 2011 to be another challenging year, he said.
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