24 April 2013 08:01 [Source: ICIS news]
SINGAPORE (ICIS)--Vopak’s operating profit rose by 1% year on year to €140.7m ($183m) in the first quarter of this year, partly boosted by strong storage demand in Asia and the Middle East, the Netherlands-based liquid bulk tank storage service provider said on Wednesday.
The company’s group earnings before interest, tax, depreciation and amortisation (EBITDA) was up 2% year on year at €191.2m in the first quarter of this year, it said in its latest trading update.
“We are witnessing strong storage demand [in Asia and the Middle East] due to the fact that energy is fundamental to economic growth and improved living standards,” the company said.
Looking ahead, the company expects EBITDA at constant currencies of between €760-800m in 2013, it said.
“Based on current projects under construction and potential opportunities for further expansion of Vopak’s network of terminals, it is our ambition to realise an EBITDA of €1bn in 2016,” added Eelco Hoekstra, chairman of the executive board and CEO of Vopak.
($1 = €0.77)
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