Vopak Q1 operating profit more than doubles on divestment gain

27 April 2011 06:35  [Source: ICIS news]

SINGAPORE (ICIS)--Dutch logistics firm Vopak said on Wednesday its first-quarter operating profit more than doubled to €237.3m ($349m) from €109.6m in the previous corresponding period on the back of a huge divestment gain.

The company booked a €128m gain from the sale of its 20% stake in Vopak Terminal Bahamas, it said in a statement.

Excluding exceptional gains, Vopak’s operating profit was flat at €109.5m as occupancy rates at storage facilities fell slightly to 92% from 93%, the company said.

Earnings before interest, tax, depreciation and amortisation (EBITDA), without the divestment gain, meanwhile, inched up 2% to €148.1m.

“We expect an EBITDA for 2011 of between 600m and 640m. With the current outlook for 2011 and 4.5m cubic meters of storage capacity under construction, we remain well-positioned to realise an EBITDA of between 725-800m in 2013,” said Vopak chairman Eelco Hoekstra in the statement.

($1 = €0.68)

By: Pearl Bantillo
+65 6780 4359

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