12 April 2012 08:51 [Source: ICIS news]
SINGAPORE (ICIS)--Norwegian shipping firm Stolt-Nielsen posted on Thursday a decline in its first-quarter net profit to $8.0m (€6.1m) from $31.2m in the same period a year earlier because of weak performance from its Stolt Tankers unit.
However, the company's sales for the three months ended 29 February 2012 increased by 10% year on year to $505.7m, it said in a statement.
“Higher operating costs and weak volumes, particularly on trade lanes to Europe and the ?xml:namespace>
The company’s Stolt Tankers unit reported an operating loss of $8.6m, compared with a loss of $1.0m in the same period a year ago and a profit of $7.0m in the fourth quarter of 2011.
“We continue to anticipate a slow improvement in the parcel tanker market. In the meantime, we are continuing to invest in our terminal, tanker container and fish farming businesses,” Stolt-Nielsen said.
The company’s operating profit for the first quarter decreased by 6.4% year on year to $30.7m.
($1 = €0.76)
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