Dutch Vopak H1 net profit down 5% on higher finance costs

23 August 2013 07:42  [Source: ICIS news]

SINGAPORE (ICIS)--Vopak’s net profit slipped by 5% year on year to €162.3m ($216.4m) in the first half of this year amid higher finance costs, the Netherlands-based liquid bulk tank storage service provider said on Friday.

The firm’s revenues rose marginally to €648.8m in January-June this year from $648.1m in the same period in 2012, while group earnings before interest, tax, depreciation and amortisation (EBITDA) was up 1% year on year at €383m, it said in a statement.

“The first half year of 2013 was characterized by an overall healthy demand for our storage services throughout our terminal network in North America, Asia and the Middle East,” the firm said.

“However, we continued to see a challenging crude oil and gasoil storage market affecting the Rotterdam area (Netherlands), as well as uncertainty in the biofuel market,” it added.

For the remainder of the year, the company expects conditions in the market to be in line with the first half of this year.

“For the remainder of 2013, we expect similar market circumstances as in the first half year of 2013 and we expect to reach an EBITDA -excluding exceptional items- at constant currencies of between €730-780m for the full year 2013,” added Eelco Hoekstra, chairman of the executive board and CEO of Royal Vopak.

($1 = €0.75)

By: Nurluqman Suratman

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