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Stolt Tankers' Weak Performance Dents Stolt-Nielsen's First-Quarter Results
10:05 AM MDT | April 12, 2012 | Sotirios Frantzanas
Stolt-Nielsen says net profits for its fiscal first quarter ended February 29, 2012 decreased significantly, to $7.9 million from $31.2 million in the year-earlier quarter. Sales, however, went up 10% in the first quarter, to $505.7 million compared with $458.7 one year earlier. Stolt-Nielsen attributes the earnings decline to a weak performance at the company's money-losing tankers business. Niels Stolt-Nielsen: Weak markets for Stolt Tankers negatively affected results. The Stolt Tankers business reported operating losses of $8.6 million in the...
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