Stolt Q4 revenue down slightly

01.02.16. Stolthaven Terminals reported Q4 operating revenue of US$52.2 million, compared with $54 million in the third quarter.
Average terminal capacity at Stolthaven’s owned terminals increased slightly to 1.62 million cbm. Utilisation also edged upward to 86.9 percent from 86.7 percent, but total product handled slipped by 1.7 percent, while average storage and throughput revenue per cubic meter of leased capacity per month decreased by 1.8 percent.
Operating profit was $2.6 million, down from $6.4 million in the third quarter. The third quarter included a $4.3 million impairment of goodwill in New Zealand and $1.1 million in accelerated depreciation of terminal assets in Australia and New Zealand. The fourth quarter included write-offs of certain assets, accelerated depreciation and settlements of customer claims totalling $3.7 million, as well as $0.7 million of additional maintenance expense in Houston, aimed at enhancing operational performance.
Equity income from the company’s non-consolidated joint venture terminals fell by $2.2 million in the fourth quarter, partly due to a dilution loss related to Norterminal AS, following the addition of a new partner in its subsidiary, Norterminal Floating Storage AS, and the continued closure of Stolthaven’s joint-venture facility in Lingang, China, pending renewal of the operating license in the wake of the explosion in Port of Tianjin in August 2015.