Stolt-Nielsen, a global company with significant operations within various maritime related industries, reported higher profit for the fourth quarter compared to the previous quarter, in spite of a fall in revenue.
The company said its operating profit for the period was higher owing to a combination of improved trading performance and lower operating costs.
For the quarter, the company posted net profit available to shareholders of $18.2 million, up from $7.1 million for the third quarter.
Operating profit was $2.6 million compared with a loss of $0.8 million in the third quarter.
Revenue stands at $510.9 million, down from $516.4 million in the previous quarter.
Commenting on the Company’s results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited , said:
“Excluding one-time gains and charges, SNL’s fourth-quarter results were up slightly, compared with the third quarter. Stolt Tankers reported a modest operating profit for the quarter, due to a combination of improved trading performance and lower operating costs. While an improvement from the previous quarter, it caps off a rather disappointing year for our tanker business and I do not believe in any significant recovery in 2013. Results at Stolthaven Terminals, excluding one-time factors in the third and fourth quarters, were up due to increases in both capacity and throughput. Stolt Tank Containers’ fourth-quarter results were flat, excluding the $3.0 million reduction in depreciation in the third-quarter. Stolt Sea Farm would have reported a loss for the quarter, excluding the $6.5 million one-time gain in connection with its Acuidoro acquisition.”
“Over the last four years we have aggressively expanded both our terminal and tank containers businesses, while maintaining our leading position in the chemical tanker market. With the significant capital investments and commitments we have made in our businesses during these challenging years, we will be in a strong position to benefit from improved market conditions once the global economy eventually improves.”
[mappress] Stolt-Nielsen, January 31, 2013