Gunvor Group Ltd

Gunvor Group Ltd

September 26, 2014 05:03 ET

Gunvor Group Posts 12% Increase in EBITDA for First Half 2014

GENEVA, SWITZERLAND--(Marketwired - Sept. 26, 2014) - Gunvor Group Ltd today released results covering the first six months of 2014 (1 January - 30 June). For the first half, Gunvor's EBITDA increased approximately 12% to US $395 million, up US $41 million over the first half 2013.

Revenue remained steady for the period at US $45 billion. Net profit was also roughly flat at US $153 million, lower by US $10 million related to the depreciation of physical assets, as well as financial costs of enlarged facilities and the bond.

Volumes for the first half increased to 71 million MT, compared with 61 million MT during the same period 2013, and included the addition of metals trading.

"While we had to manage certain particular challenges during the first half, Gunvor continues to diversify and expand globally to find available opportunities in new trading and assets," said Gunvor Group CEO Torbjörn Törnqvist.

About Gunvor Group

Gunvor Group is one of the world's largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy, metals and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure-refineries, pipelines, storage, terminals, mining and upstream-Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at www.gunvorgroup.com or @Gunvor.

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