Dutch oil and chemicals storage firm Vopak's adjusted operating profit rose 28 percent in the first quarter of 2010, more than analysts expected, helped by a pick-up in the chemical industry.
Earnings before interest and tax (EBIT), excluding exceptional items, rose to 110 million euros ($146.6 million) in the first quarter, compared with a 102 million euros average forecast in a Reuters survey of five analysts, and up from 86 million euros in the same period in 2009.
"Following higher output of the chemical industry, the global flows of chemical products revived from the sharp drop early last year," Chief Executive John Paul Broeders said in a statement.
The world's largest independent tank terminal operator said it expected earnings before interest, tax, depreciation and amortisation (EBITDA) of at least 560 million euros in 2010, compared to about 513 million euros in 2009.
It has described 2010 as a transition year as it develops projects that are due to come on-stream in 2011 or 2012.
Vopak, which stores and handles liquid and gaseous products, reaffirmed its forecast for capacity expansion to boost EBITDA to between 625 million euros and 700 million euros in 2012.
Earnings before interest and tax (EBIT), excluding exceptional items, rose to 110 million euros ($146.6 million) in the first quarter, compared with a 102 million euros average forecast in a Reuters survey of five analysts, and up from 86 million euros in the same period in 2009.
"Following higher output of the chemical industry, the global flows of chemical products revived from the sharp drop early last year," Chief Executive John Paul Broeders said in a statement.
The world's largest independent tank terminal operator said it expected earnings before interest, tax, depreciation and amortisation (EBITDA) of at least 560 million euros in 2010, compared to about 513 million euros in 2009.
It has described 2010 as a transition year as it develops projects that are due to come on-stream in 2011 or 2012.
Vopak, which stores and handles liquid and gaseous products, reaffirmed its forecast for capacity expansion to boost EBITDA to between 625 million euros and 700 million euros in 2012.