03 July 2013 09:59 [Source: ICIS news]
SINGAPORE (ICIS)--Norway’s Stolt-Nielsen reported on Wednesday a 30.5% year-on-year decline in its second-quarter net profit to $25.7m (€19.8m), with overall revenue down by 0.9%.
Its revenue for the three months to 31 May this year stood at $533.8m, while the company’s operating profit was down by 14.8% year on year at $52.9m, the company said in a statement.
For the first six months of 2013, the company’s net profit fell by 39.5% year on year to $27.2m, although sales inched up by 0.84% to $1.05bn.
“While we have been able to achieve modest gains in our contracts of affreightment, we do not yet see any acceleration of momentum in the market, which is still plagued by excess tonnage and low volumes,” the company said.
“We continue to believe the recovery will take time,” it added.
Stolt-Nielsen is a provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids.
($1 = €0.77)
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