05 July 2012 08:36 [Source: ICIS news]
SINGAPORE (ICIS)--Norwegian shipping firm Stolt-Nielsen posted on Thursday a 14% year-on-year increase in its net profit to $37m (€30m) in the second quarter of 2012, augmented by an exceptional gain in its tankers operations, the company said.
Revenue in the second quarter that ended 31 May 2012 rose by 2% year on year to $538.8m, the company said on a statement.
“The improvement was attributable primarily to better operating results at Stolt Tankers, driven by improved COA freight rates and higher utilisation in terms of tonnes carried per day,” company CEO Niels G. Stolt-Nielsen said in the statement.
Stolt Tankers swung to an operating profit of $29m in the second quarter of 2012, 84% or $24.5m of which was a net gain on insurance proceeds related to the loss of vessel MT Stolt Valor in the ?xml:namespace>
In the same period last year, Stolt Tankers had an operating loss of $3.5m.
($1 = €0.80)
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