Stolt-Nielsen SA on Thursday reported 2009 first-quarter results that reflected the impact of the global economic downturn.
The company's net profit dropped to USD 14.5 million (EUR 10.8 million) from USD 52.6 million (EUR 39.2 million) in the fourth-quarter of 2008, while revenues fell to USD 392.3 million (EUR 291.9 million) from USD 489.5 million (EUR 364.2 million).
However, Stolt Sea Farm, the company's aquaculture subsidiary, reported an operating profit of USD 1.2 million (EUR 892,853), up from breakeven results in the previous quarter.
The company's other divisions, except Stolthaven Terminals, experienced profit losses.
"SNSA's first-quarter results reflect the panic in the global credit markets that we saw late last year. As products, traders and consumers stopped ordering products, global industrial production plunged," said Neils Stolt-Nielsen, the company's CEO.
"We continue to expect 2009 and 2010 to be very challenging years for our industry and the economy at large."
April 2, 2009
