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Investing.com -- Vopak (AS:VOPA) reported a slight increase in first-quarter core earnings on Wednesday, supported by contributions from its recent growth initiatives, and warned that macro jitters could impact future results.
The company’s shares fell 5% in Amsterdam as of 08:46 GMT.
The Dutch tank storage company posted a 0.7% year-on-year rise in proportional EBITDA to 300 million euros ($341.7 million) for the three months ending March 31, compared to 297.8 million euros in the same period last year.
The results follow the company’s decision last month to double its investment commitment in gas and industrial segments, pledging an additional 1 billion euros through 2030.
Vopak maintained its full-year guidance and narrowed its forecast for proportional capital expenditure, now expecting 600 million euros, compared to the earlier range of 500–600 million euros.
But the company cautioned that ongoing macroeconomic volatility could still affect its performance, even if the impact remains limited at this stage.
“Across the markets we operate in, there is uncertainty on trade tariffs, while the situation continues to evolve and is dynamic, we currently foresee limited direct impact on Vopak in the short-term,” said CEO Dick Richelle.