Norway’s Stolt-Nielsen Q4 net profit fell 18%, revenue down 0.4%

31 January 2013 07:42  [Source: ICIS news]

SINGAPORE (ICIS)--Norwegian shipping firm Stolt-Nielsen on Thursday posted an 18% year-on-year decrease in its fourth-quarter net profit to $18.2m (€13.5m), because of a decline in their tank containers and sea farm businesses.

Revenue in the fourth quarter fell 0.4% year on year to $510.9m, compared with $512.9m in the same period last year, the company said in a statement.

“While [there is] an improvement from the previous quarter, it caps off a rather disappointing year for our tanker business and I do not believe in any significant recovery in 2013,” said Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen.

Stolt Tankers swung to a fourth-quarter operating profit of $2.6m from an operating loss of $800,000 in the previous quarter, but down by 63% year on year.

($1 = €0.74)

By: Surinder Malhi
+65 6780 4327

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