Business
Chemtrade Logistics Income Fund reports 2015 second quarter results
TORONTO , Aug. 12, 2015 /CNW/ - Chemtrade Logistics Income Fund (TSX:  CHE.UN) ...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\nTORONTO, Aug. 12, 2015 /CNW/ - Chemtrade Logistics Income Fund (TSX:  CHE.UN) today announced results for the three and six months ended June 30, 2015.  The second quarter financial statements and MD&A will be available on Chemtrade's website at chemtradelogistics.com and on SEDAR at sedar.com.\n\nRevenue in the second quarter of 2015 was $338.8 million compared with $310.1 million in the second quarter of 2014.  The primary reason for the revenue increase was the positive impact of the stronger U.S. dollar on U.S. dollar denominated revenues.  Adjusted cash flows from operating activities for the second quarter were $47.0 million (2014:  $44.6 million).  \n\nDistributable cash after maintenance capital expenditures for the second quarter was $38.8 million, or $0.56 per unit (2014:  $37.3 million, or $0.62 per unit).  The per unit amount is based on a weighted average number of units outstanding of 68.9 million in the second quarter this year, versus 60.1 million units outstanding in the second quarter last year.     \n\nAggregate Adjusted EBITDA for the second quarter of 2015 was $58.7 million compared with $54.7 million in the second quarter of 2014.  \n\nFor the six months ended June 30, 2015, distributable cash after maintenance capital expenditures was $80.5 million (2014:  $51.6 million), or $1.17 per unit (2014:  $0.89 per unit) generated from revenue of $664.8 million (2014:  $576.2 million).  Adjusted EBITDA was $116.8 million (2014:  $78.5 million).  Adjusted cash flow from operating activities was $92.4 million (2014:  $62.6 million).\n\nMark Davis, President and Chief Executive Officer of Chemtrade, said, \"Chemtrade had a good second quarter and a solid first half of the year.  The majority of our products performed well, in particular our regenerated sulphuric acid product that serves gasoline producing oil refineries, which are running at high utilization rates due in part to low crude oil prices.  Our financial results also benefited from the strong U.S. dollar.\" \n\nThe Sulphur Products and Performance Chemicals segment generated revenue of $158.4 million and Adjusted EBITDA of $38.0 million compared with $143.1 million and $29.4 million, respectively, in 2014.  The main reas...