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.