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Terminal News

Stolthaven Terminals reports improved results

Stolthaven Terminals reports improved results
Stolthaven Terminals' financial reports reflect improved results at its Houston and Singapore facilities.

The company reported an operating profit of $16.7 million, up from $14 million, which it says reflects improved results at Stolthaven Houston, Stolthaven Singapore and increased income from joint ventures.

Its first quarter operating revenue was up from $60.4 million to $59.7 million and average leased capacity was unchanged, with utilisation of 91.1%. Average storage and throughput revenue was down slightly, however, total product handled increased by 7.1% in the quarter.

Improved results at the company's Houston terminal we drive by increased steam heating revenue due to winter weather conditions.

Performance was up at its Singapore facility as a result of maintenance costs falling due to higher-than-usual maintenance activity in the fourth quarter.



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