(http://www.augustenergy.biz/, September 03, Thursday --- Article from EnergyAsia ...
(http://www.energyasia.com/) --- On the back of strong demand for its services and expansion of storage capacity, Dutch oil and chemical logistics giant Royal Vopak has raised its earnings expectation by 10% from its previous forecast of 450 million euro. It now expects to achieve an operating profit before depreciation and amortisation (EBITDA) excluding exceptional items of around 495 million euro. (US$1=0.7 euro).
The company reported a sharp rise of 16.2% in first half net profit to 114.9 million euro year-on-year while revenue was up by 8.4% to 492.1 million euro. Its earnings per ordinary share surged 15.1% to 1.83 euro.
The company said its worldwide storage capacity expanded by 800,000 cubic metres to 27.9 million cubic metres over the same period. Half of the new capacity came onstream in Singapore.
It expects to add another 2.8 million cubic metres of storage capacity to be added through 2011 at a cost of 1.6 billion euro.
Vopak said its operating profit in Asia rose by 39% to 64.5 million euro in the first half of the year, fuelled by large capacity additions in Singapore and high levels of activity in China. The utilisation rate reached 95% in the first half of the year.
* Full version of report can be found in EnergyAsia Report
September 2009 issue
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