Dutch oil and chemicals storage firm Vopak's (VOPA.AS) operating profit rose 21 percent in the first half, driven by storage of oil products, and it raised its outlook for 2010 and beyond.
Earnings before interest and taxes (EBIT), excluding exceptional items, rose 21 percent to 223 million euros ($284 million) in the first half-year, beating the most optimistic forecast of 221 million euros in a Reuters poll.
"We experience a robust demand for storage of oil products, based on the worldwide imbalances between production and consumption and the increasing number of product specifications," said Chief Executive John Paul Broeders, who earlier this week announced his move to the holding company for one of the Netherlands' richest families, SHV Holdings.
Vopak, which stores and handles liquid and gaseous products, lifted its forecast for profit growth in 2010.
The world's largest independent tank terminal operator said it expected earnings before interest, tax, depreciation and amortisation (EBITDA) to be at least 585 million euros in 2010. Its previous forecast was for EBITDA to rise at least 9 percent to 560 million.
The company also said it could potentially hit its 2012 earnings target up to a year earlier.
Earnings before interest and taxes (EBIT), excluding exceptional items, rose 21 percent to 223 million euros ($284 million) in the first half-year, beating the most optimistic forecast of 221 million euros in a Reuters poll.
"We experience a robust demand for storage of oil products, based on the worldwide imbalances between production and consumption and the increasing number of product specifications," said Chief Executive John Paul Broeders, who earlier this week announced his move to the holding company for one of the Netherlands' richest families, SHV Holdings.
Vopak, which stores and handles liquid and gaseous products, lifted its forecast for profit growth in 2010.
The world's largest independent tank terminal operator said it expected earnings before interest, tax, depreciation and amortisation (EBITDA) to be at least 585 million euros in 2010. Its previous forecast was for EBITDA to rise at least 9 percent to 560 million.
The company also said it could potentially hit its 2012 earnings target up to a year earlier.