SINGAPORE (ICIS)--Vopak’s first-quarter net profit declined 17% year on year to €68.2m, citing lower revenues and higher depreciation costs, the Dutch logistics firm said on Wednesday.
Its operating profit declined 12% year on year to €123.8m, with earnings before interest tax, depreciation and amortisation (EBITDA) slipping 5%, the company said in a statement.
“During the first quarter of 2014 storage capacity (including 100% for joint ventures and associates) increased by 0.5m cbm (cubic metres) to a total of 31.0m cbm,” Vopak said.
Its storage occupancy rate in the first three months of the year slipped to 88% from 89% in the previous corresponding period, the company said.
“Although the current development of our financial performance can be explained by market challenges and uncertainties, it is not in line with our long-term ambitions,”Vopak chairman Eelco Hoekstra said in the statement.
The company is projecting its 2014 EBITDA to fall by 5-10% from last year’s €753m, assuming the “challenging business circumstances” faced in the first quarter will continue throughout the year.