STOLT-NIELSEN SEES 1ST-QUARTER LOSS
Stolt-Nielsen S.A., the London-based provider of transport services for bulk liquid chemicals, reported a first-quarter net loss of $8.2 million, compared with net income of $30 million for the first quarter of 2000.
The loss was due to a seasonally weak first quarter for Stolt-Nielsen's offshore operations, which reported a loss of $15.5 million. Improved results for Stolt-Nielsen's transportation group partially offset those losses.
Operating revenue for the most recent quarter was $537.6 million, up from $499.4 million for the year-earlier quarter. The net results include one-off gains from the dilution in Stolt-Nielsen S.A.'s interest in Stolt Offshore S.A. and the sale of assets.
For the Stolt-Nielsen Transport Group Ltd. (SNTG), income from operations rose 50 percent to $29.2 million, as a result of an improved parcel tanker market. SNTG's parcel tanker division saw operating income more than double, to $20.3 million, from $9.0 million in the first quarter of 2000.
SNTG's terminal division saw income from operations rise to $6.2 million, from $5.6 million. Use was up for all U.S. terminals and capacity was added at the Houston terminal. SNTG will begin operating a new New Orleans terminal in the second quarter, and the company said it has commitments already for 40 percent of its capacity.