Stolt-Nielsen S.A. Reports First-Quarter 2009 Results
April 02 2009 - 7:38AM
Marketwired
Stolt-Nielsen S.A. (OSLO: SNI) today reported unaudited results
for the first quarter ended February 28, 2009.
Results for the first quarter of 2009 versus the fourth quarter
of 2008 reflected the impact of the global economic downturn:
* Net profit attributable to shareholders decreased to $14.5
million from $52.6 million.
* Revenue decreased to $392.3 million from $489.5 million.
* Stolt Tankers reported an operating loss of $2.5 million
versus an operating profit of $27.5 million, reflecting lower
volumes and a decline in spot-market rates, partially offset by
lower operating costs.
* Bunker costs decreased by $39.2 million in the first
quarter, though the positive impact of the decline was partially
offset by a $20.4 million decrease in bunker surcharges and an $8.8
million increase in bunker-hedging losses.
* The Stolt Tankers Joint Service Sailed-in Time-Charter
Index[1] decreased by 23.9% to 0.99 from 1.30.
* Stolthaven Terminals reported an increase in operating
profit to $9.6 million from $6.9 million, driven mainly by lower
operating expenses at its wholly owned terminals and increased
capacity.
* Stolt Tank Containers reported a decrease in operating
profit to $12.9 million from $16.1 million, due primarily to a
23.8% decline in shipments and a drop in utilisation rates to 67.8%
from 77.4%.
* Stolt Sea Farm reported an operating profit of $1.2
million, up from breakeven results in the prior quarter.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen,
Chief Executive Officer of SNSA, said:
"SNSA's first-quarter results reflect the panic in the global
credit markets that we saw late last year. As producers, traders
and consumers stopped ordering products, global industrial
production plunged. Destocking of inventories followed and
parcel-tanker cargo volumes dropped more than 30% on some trade
routes. Though conditions stabilised somewhat in the latter half of
February, we attributed the change to a modest restocking of
inventories following two months of near paralysis in the
market."
"We continue to expect 2009 and 2010 to be very challenging
years for our industry and the world economy at large."
"In response to lower demand we are redelivering ships on time
charter and bringing forward the recycling of ships. In Stolt Tank
Containers, we are returning leased-in tank containers. In all
businesses we are deferring or cancelling non-committed or
non-essential capital expenditures, including newbuildings, and a
full hiring freeze has been imposed."
"SNSA remains in full compliance with all of its debt covenants
and none of the Company's assets have been impaired."
"All our committed capital expenditures are fully financed."
[1] The Stolt Tankers Joint Service Sailed-in Time-Charter Index
is an indexed measurement of the sailed-in rate for the Joint
Service and was set at 1.00 in the first quarter of 1990 based on
the average sailed-in time-charter result for the fleet at the
time. The sailed-in rate is a measure frequently used by shipping
companies, which subtracts from the ships' operating revenue the
variable costs associated with a voyage, primarily commissions,
sublets, transshipments, port costs, and bunker fuel.
This announcement was originally distributed by Hugin. The
issuer is solely responsible for the content of this
announcement.
ATTACHMENTS: http://hugin.info/154/R/1302956/298333.pdf
Copyright � Hugin AS 2009. All rights reserved.
Contacts: Jan Chr. Engelhardtsen U.K. +44 (0) 20 7611 8972 Email
Contact Jens F. Gr�ner-Hegge U.K. +44 (0) 20 7611 8985 Email
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