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Fri 17 Jul 2009, 09:46 GMT

Vopak expects EUR 100m Q2 profit


Terminal operator says preliminary reporting indicates 'robust' operating profit for first six months.

Oil terminal operator Royal Vopak has announced that preliminary reporting on the first six months of 2009 indicates a robust group operating profit.

The current expectation is that the group operating profit (EBIT) excluding exceptional items will be close to EUR 100 million for the second quarter period of 2009. The interim-financial statements have not yet been assembled in full detail.

The expected group operating profit excluding exceptional items for the first six months period of 2009 amounts to around EUR 185 million (1H 2008: EUR 156.8 million). This represents an 18 percent increase compared to the same reporting period in 2008.

"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 percent) and healthy demand for our storage and handling services from our customers," Vopak said in a statement.

"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," the company added.

Final and detailed results for the first half year of 2009, as well as a full review of the 2009 outlook, will be published on 28 August 2009 before opening of the Amsterdam Stock Exchange, by means of a press release.

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