Dutch Vopak Q1 operating profit falls 42% on lack of one-off gains

25 April 2012 07:22  [Source: ICIS news]

SINGAPORE (ICIS)--Vopak’s first-quarter 2012 operating profit fell by 42% year on year to €138.0m ($181.6m) in the absence of exceptional gains, the Dutch logistics firm said on Wednesday.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months to March 2012 were down by 33% at €186.2m, it said in a trading update.

In the first quarter of 2011, the company booked huge gains from the divestment of its 20% stake in Vopak Terminal Bahamas.

Excluding exceptional items, Vopak’s first-quarter 2012 operating profit and EBITDA grew by 26% year on year because of strong storage demand, it said.

“The current demand for the storage of chemicals is healthy, considering among others the optimism in the chemical sector in North America and increasing consumption of petrochemicals in Asia,” it said.

The company’s global storage capacity grew by 12% year on year to 28.3m cbm for the quarter, with occupancy rate at 93%, up from 92% in the same period last year, Vopak said.

“[The company expects to realise] EBITDA of between €725-800m in 2013, whereby the possibility that Vopak reaches the lower end of the 2013 outlook range in 2012 cannot be excluded,” it said.

($1 = €0.76)

By: Pearl Bantillo
+65 6780 4359

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