Dutch Vopak 2012 net profit down 18% at €321.5m

01 March 2013 08:22  [Source: ICIS news]

SINGAPORE (ICIS)--Vopak’s net profit fell 18% year on year to €321.5m ($418m) in 2012 as its operating profit fell, the Dutch logistics firm said on Friday.

Excluding exceptional items, the company’s net profit was up by 25% year on year at €343.6m, it said in a statement.

The company’s operating profit, or earnings before interest and taxes (EBIT), in 2011 included an exceptional result of €116.1m, mainly due to the sale of Vopak’s 20% equity stake in Bahamas Oil Refining Company (BORCO), the firm said.

Its EBIT, including exceptional items, was down 8% year on year at €535.9m in 2012, while revenues rose by 12% to €1.31bn, the company said. Excluding exceptional items, the company’s EBIT rose by 19% year on year to €560.9m.

The company’s earnings before interest, tax, depreciation and amortisation (EBITDA), excluding exceptional items, was up by 20% year on year at €763.6m in 2012.

“Although the uncertainty of economic recovery is likely to continue to dictate the agenda for the coming year, we remain confident in the long-term outlook for our business. The development of the global economy will require additional movement of hydrocarbons, chemicals and vegetable oils,” said Eelco Hoekstra, chairman of the executive board of Vopak.

“Vopak expects a relatively limited EBITDA growth for 2013,” he added.

($1 = €0.77)

By: Nurluqman Suratman

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