Stolt Profits Sink

Stolt-Nielsen says net profits for its fiscal first quarter ended February 29, 2012 dropped 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. Stolt-Nielsen attributes the earnings decline to a weak performance at the company’s money-losing tankers business. Stolt Tankers reported operating losses of $8.6 million in the first quarter compared with operating losses of $1 million in the same quarter of the previous year, due partly to rising bunker fuel costs and weak volumes. Stolt...

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