04 April 2013 11:20 [Source: ICIS news]
SINGAPORE (ICIS)--Norway’s Stolt-Nielsen Ltd reported on Thursday an 81% plunge in first-quarter 2013 net profit to $1.5m (€1.2m) despite a 2.7% increase in sales.
Revenues for the first three months of the year stood at $519.4m compared with $505.7m in the same period last year, with operating profit rising 7.5% to $33m based on unaudited financial results, the company said in a statement.
Compared with the fourth quarter of 2012, the company’s earnings significantly declined because of heavy losses at Stolt Tankers, according to company CEO Niels G. Stolt-Nielsen in the statement.
"Stolt-Nielsen Ltd's poor first-quarter results were largely attributable to a loss at Stolt Tankers, where overall market conditions remain weak. Higher trading and operating expenses further depressed tanker earnings this quarter," he said.
Stolt Tankers incurred an operating loss of $2.8m in January-March 2013, compared with a $2.6m profit generated in the December quarter of last year, it said.
Stolt-Nielsen is a provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids.
($1 = €0.78)
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