Operating profit for Stolthaven Terminals for the third quarter is down as a result of terminal asset depreciation and higher maintenance costs.
In its third quarter unaudited results, the company reports that its terminals segment has an operating profile of $6.4 million (€5.7 million) compared to $14.3 million (€12.7 million) in the second quarter of 2015.
This reflects a $4.3 million impairment of goodwill and $1.1 million in accelerated depreciation of terminal assets in Australasia, along with higher maintenance costs at Stolthaven Houston.
Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen Limited, says: ‘Stolthaven’s results continue to be disappointing. This quarter’s results were further depressed by an impairment of goodwill relating to our terminal operations in New Zealand.
‘Results for the quarter also reflected expenses aimed at enhancing the operational performance of our Houston terminal, in the wake of recent expansions.’
He adds that results at Stolt Tank Containers have softened this quarter’s results and that Stolt Tankers’ improvements were due to lower bunker costs and a strong US dollar.