Westway has reported a net income of $3.9 million (€2.7 million) for the first half of this year compared to $2.9 million for the same period in 2010.
The company’s EBITDA was also up more than $500,000, at $22.2 million compared to $21.7 million for the corresponding period of 2010.
James Jenkins, CEO of Westway, explains the reason behind the rise: ‘Our liquid feed business continued to achieve higher sales volume in the second quarter by providing our customers with products that meet their price points and business needs in a rapidly changing market environment.’
Jenkins says that although the market has faced ‘volatility in oil industry pricing and renewable energy subsidies’, this did not affect Westway’s performance.
‘We believe, however, that the overall state of the storage market remains healthy and that the disruptions in demand are expected to correct as the oil markets stabilise.’
Westway’s current projects are on schedule and due to produce revenue by the end of the year: ‘Three of the nine tanks under construction at our Amsterdam, Netherlands terminal have been completed, leased, and are producing revenue in the third quarter 2011. Our Houston terminals are continuing to experience strong customer demand. Four of the tanks in this expansion project have already been pre-leased, although they are still under construction,’ says Jenkins.