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UPDATE 2-Vopak raises profit outlook after robust H1

Published 08/28/2009, 04:12 AM
VOPA
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* H1 adjusted EBIT 184 million euros

* Sees 2009 adjusted EBITDA of around 495 million euros

* Shares up 2.5 percent

(Adds analyst, CFO comment)

By Catherine Hornby

AMSTERDAM, Aug 28 (Reuters) - Dutch oil and chemicals storage company Royal Vopak raised its core profit outlook after strong demand and capacity expansion drove profit growth in the first half.

The revised outlook assumed a 95 capacity utilisation rate for the rest of the year, finance director Jack de Kreij said in an interview on Friday.

Vopak, which stores and handles liquid and gaseous chemical and oil products, now expects 2009 earnings before interest, tax, depreciation and amortisation (EBITDA), excluding exceptionals, of about 495 million euros ($711 million), up from at least 450 million.

Its shares, which had risen about 70 percent since the start of the year, were up 2.5 percent at 46.65 euros by 0810 GMT, while the Amsterdam midcap index was up 1.3 percent.

"The guidance lift is comforting," said Thijs Berkelder, analyst at Petercam. "The quicker than expected stabilisation of the global economy is limiting the operational risks for Vopak chemical operations."

Vopak's first-half earnings before interest and tax (EBIT) excluding exceptional items rose to 184 million euros, in line with a 183 million forecast.

Robust demand for its storage services, especially in the oil business, helped boost profit, while decreases in chemicals throughput had started to stabilise, it said.

Vopak also said it was still too early to say there was a structural recovery in the chemicals market. (Reporting by Catherine Hornby, editing by Will Waterman and Dan Lalor) ($1 = 0.6964 euro)

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