Brief: Stolt-Nielsen Q2 Net Profit Down Q/Q At $3.6 Mln

Stolt-Nielsen

03/07/2019 07:48

July 3 (Reuters) - Stolt-Nielsen Ltd  SNI.OL :
    * REG-STOLT-NIELSEN LIMITED REPORTS UNAUDITED RESULTS FOR
THE
SECOND QUARTER AND FIRST HALF OF 2019
    * NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS IN Q2 WAS $3.6
MILLION,
WITH REVENUE OF $518.9 MILLION, COMPARED WITH A NET PROFIT OF
$7.9 MILLION, WITH REVENUE OF $501.9 MILLION, IN Q1 OF 2019
    * STOLT TANK CONTAINERS REPORTED AN OPERATING PROFIT OF
$12.6
MILLION, DOWN FROM $15.7 MILLION
    * SUBSEQUENT TO END OF Q2, COMPANY OBTAINED REFINANCING
COMMITMENTS TOTALLING $620.0 MILLION
    * AS FAR AS OUTLOOK IS CONCERNED, EVIDENCE OF A DEFINITIVE
UPTURN
IN CHEMICAL TANKER MARKET HAS YET TO MATERIALIZE, BUT DELIVERIES
OF NEW TONNAGE INTO MARKET ARE SLOWING
    * STOLT-NIELSEN LIMITED'S SECOND-QUARTER RESULTS WERE
ESSENTIALLY
UNCHANGED FROM Q1 AS CHEMICAL TANKER MARKET APPEARS TO HAVE
BOTTOMED OUT - CEO
    * POSITIVE IMPACT OF A DOUBLE-DIGIT INCREASE IN SHIPMENTS
WAS
OFFSET BY RISING SHIPMENT-RELATED COSTS
    * DELIVERIES OF NEW TONNAGE INTO MARKET ARE SLOWING
    * RESULTS AT STOLT TANK CONTAINERS WERE BELOW EXPECTATIONS,
AS
POSITIVE IMPACT OF A DOUBLE-DIGIT INCREASE IN SHIPMENTS WAS
OFFSET BY RISING SHIPMENT-RELATED COSTS
    * SNL WILL HAVE SUFFICIENT FUNDS TO REPAY NORDIC BOND DEBT
COMING
DUE IN SEPTEMBER 2019 AND APRIL 2020, WHILE MAINTAINING A
MINIMUM OF $200.0 MILLION IN AVAILABLE LIQUIDITY THROUGHOUT THAT
PERIOD - CEO
    * AT STOLTHAVEN, WE EXPECT CONTINUED GRADUAL IMPROVEMENTS IN
PERFORMANCE
    * SECOND HALF OF 2019 WILL BE TELLING, AS WE CONTINUE TO
MONITOR
POTENTIAL IMPACT OF TRADE DISPUTES ON BOTH STC AND STOLT TANKERS

Source text for Eikon:  ID:nGNE84KZFq 
Further company coverage:  SNI.OL 

 (Gdynia Newsroom)
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))