LONDON, April 3, 2014 (GLOBE NEWSWIRE) -- Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the first quarter ended February 28, 2014. Net profit attributable to shareholders in the first quarter was $18.6 million, with revenue of $516.7 million, compared with $36.7 million, with revenue of $524.5 million, respectively, in the fourth quarter of 2013.
Highlights for the first quarter of 2014, compared with the fourth quarter of 2013, were:
- Stolt Tankers reported an operating profit of $9.8 million, down from $15.8 million, due to lower contract volumes and increased port delays caused by adverse winter weather conditions.
- The Stolt Tankers Joint Service Sailed-in Time-Charter Index  was 1.35, compared with 1.39.
- Stolthaven Terminals reported an operating profit of $18.9 million, up from $15.5 million, mainly reflecting the impact of $2.9 million of business interruption income and $2.1 million of other insurance income related to damage at Stolthaven New Orleans caused by Hurricane Isaac in August 2012.
- Stolt Tank Containers reported an operating profit of $15.1 million, down from $19.8 million, mainly due to seasonal softness in most markets.
- Stolt Sea Farm reported an operating profit of $1.4 million, up from $0.4 million, reflecting seasonally strong caviar sales and a $1.2 million one-time adjustment to depreciation, partially offset by the negative impact of $1.0 million from the accounting for inventories at fair value in the first quarter, compared with a positive impact of $0.1 million in the fourth quarter.
- Avance Gas Holding Ltd. (AGHL) filed its listing application with the Oslo Børs on March 31, with a targeted listing date of April 15. The road show for the IPO started on March 31 and the offering is expected to close on April 8.
Commenting on the Company's results, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said: