September 30, 2013 [SeeNews] - UK-based hydrocarbon refined product storage and transshipment terminals operator Pan European Terminals said today its first-half net profit fell by 87.58% year-on-year to GBP 323,000 (USD 522,000/EUR 386,000), chiefly due to the weaker performance of its Baltic Top facility in Kaliningrad.
The company also manages terminals in Denmark, as well as leases and operates tanks in Rotterdam, the Netherlands.
Revenues melted to GBP 7.4 million from GBP 12.1 million in January-June 2013 due to elimination of low margin business in Baltic Top, Pan European Terminals said. As a result, operating profit fell to GBP 1 million from GBP 1.6 million.
During the period under review, the operator completed reconstruction of its Dan Balt facility in Denmark. Following the Dan Balt refurbishment, the group’s terminals now operate at full capacity.
Pan European Terminals saw strong demand over the summer season. It expects that trend to continue for the reminder of the year. The company will continue to pursue expansion opportunities in new regions.
