Stolt-Nielsen reports unaudited results for Q3 2018
Stolt-Nielsen Limited today reported unaudited results for the third quarter ended August 31, 2018. Net profit attributable to shareholders in the third quarter was $3.0 million, after a $12.9 million negative impact resulting from a change in the accounting for the Company's investment in Avance Gas Holdings Limited, with revenue of $543.1 million, compared with a net profit of $9.5 million, with revenue of $541.0 million, in the second quarter of 2018. Net profit attributable to shareholders for the first nine months was $51.3 million, with revenue of $1,599.4 million, compared with $49.2 million, with revenue of $1,490.2 million in the first nine months of 2017.
Highlights for the third quarter of 2018, compared with the second quarter of 2018, were:
Stolt Tankers reported an operating profit of $21.4 million, down from $26.5 million, mainly reflecting a reduced gain on bunker hedges, along with a $2.1 million increase in bunker costs net of surcharges. The Stolt Tankers Joint Service Sailed-in Time-Charter Index was 0.58, compared with 0.59 in the prior quarter.
Stolthaven Terminals reported an operating profit of $18.6 million, down from $20.2 million. The prior quarter benefited from $1.6 million in equity income related to an early contract termination by a customer.
Stolt Tank Containers reported an operating profit of $17.7 million, down from $18.8 million, reflecting a seasonal decrease in the number of shipments.
Stolt Sea Farm's operating profit before the fair-value adjustment of inventories was $2.1 million versus $2.4 million.
Corporate and Other reported an operating loss of $3.3 million, compared with a loss of $20.9 million in the prior quarter, which included an $11.8 million impairment related to two bitumen ships, losses on bitumen trading, and higher administrative and general expenses.