Stolt-Nielsen posts results for Q1 2019
Stolt-Nielsen Limited reported unaudited results for the first quarter ended February 28, 2019. Net profit attributable to shareholders in the first quarter was $7.9 million, with revenue of $501.9 million, compared with a net profit of $3.6 million, with revenue of $526.1 million, in the fourth quarter of 2018.
Highlights for the first quarter of 2019, compared with the fourth quarter of 2018, were:
Stolt Tankers reported an operating profit of $14.3 million, up from $7.7 million, mainly reflecting a $3.4 million bunker-hedge gain in the first quarter, compared with a $4.1 million loss in the fourth quarter.
The Stolt Tankers Joint Service Sailed-in Time-Charter Index was unchanged at 0.53.
Stolthaven Terminals reported an operating profit of $18.0 million, up from $11.7 million, as the prior quarter included impairments of $6.1 million.
Stolt Tank Containers reported an operating profit of $15.7 million, down from $18.1 million, reflecting a seasonal decrease in shipments, combined with continued softness in most markets.
Stolt Sea Farm’s operating profit before the fair-value adjustment of inventories was $1.0 million versus $0.9 million, reflecting strong turbot sales during the peak Christmas season, offset by a $1.7 million one-time write-down of biomass inventory.
Corporate and Other reported an operating loss of $3.6 million, compared with a loss of $7.0 million in the prior quarter, which included a $5.9 million write-off of assets at Stolt Bitumen Services.
