Preliminary reporting on the first half of this year for storage specialists Royal Vopakindicates a robust group operating profit.
Vopak said on Friday current expectation is that group operating profit (EBIT) excluding exceptional items will be close to 100 million euros ($141 million) for the second quarter of 2009.
Expected group operating profit excluding exceptional items for the first six months of 2009 is some 185 million euros ($261 million), which is an 18% increase from the same period last year.
Except for the Chemicals Europe, Middle East & Africa Division (CEMEA) all divisions contributed to this profit improvement supported by high occupancy rates (1H 2009: 95%) and healthy demand for our storage and handling services from our customers, Vopak reported.
The reported lower throughputs in the CEMEA division in the first quarter period of 2009 and consequently decreased related services income stabilized in the second quarter period of 2009.
A higher group operating profit is expected for the second quarter period for the CEMEA division compared with the first quarter of 2009.
Interim-financial statements have not yet been assembled in full detail.
But final and detailed results for the first half of this year, as well as a full review of Vopak's 2009 outlook, will be published on August 28 before the opening of the Amsterdam Stock Exchange.
Vopak recently reached an agreement with a group of investors on their participation in a renewed cumulative financing preference shares program of 110 million euros ($154 million).
Proceeds of the renewed program will be used to finance further expansion projects, according to Vopak. (See story link)
Vopak also just recently announced plans to build a new fuel storage terminal in Amsterdam.