Norway’s Stolt-Nielsen Q1 profit falls to $8m; sales up 10%

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 Americas from Asia and in the regional European trades, held down Stolt Tankers’ performance for the quarter,” said the firm's CEO, Niels Stolt-Nielsen.

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)

By: Samuel Wong

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