Cause for concern

摘要

Stolt-Nielsen Ltd has reported a net profit of $14.6m for the third quarter to end-August, on revenue of $545.4m. The second quarters comparative figures were $30.8m and $543.4m, respectively. The aggregate figures for the first nine months of the current year are net profit of $64.0m on revenue of $1.61bn, both up slightly on last year's $46.8m and $1.58bn. "Excluding one-off items," the company notes, "Stolt-Nielsen's third-quarter results reflected improved operating performance at Stolt Tankers, Stolthaven Terminals and Stolt Sea Farm, and seasonally steady operating results at Stolt Tank Containers." Those one-off items were largely in the second quarter and included a $19.7m gain on the sale of shares as part of Avance Gas Holdings' (AGHL) IPO this past April and a $4.7m dilution gain on the group's remaining shares in AGHL. During the third quarter, the group received a $3.0m business interruption insurance payout related to Hurricane Isaac in August 2012, which closed its New Orleans storage terminal. This was partly offset by $2.5m in impairments and write-offs.