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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