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Chemtrade Logistics Income Fund Reports 2016 First Quarter Results
Chemtrade Logistics Income Fund Reports 2016 First Quarter Results Chemtrade Logis...
About this update from Chemtrade Logistics Income Fund
[{"type":"text","content":"\n\n\n\nChemtrade Logistics Income Fund Reports 2016 First Quarter Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nChemtrade Logistics Income Fund Reports 2016 First Quarter Results\nCanada NewsWire\nTORONTO, May 11, 2016\n\n\n\nTORONTO, May 11, 2016 /CNW/ - Chemtrade Logistics Income Fund (TSX:  CHE.UN) today announced results for the three months ended March 31, 2016.  The first 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 first quarter of 2016 was $336.1 million compared with $326.0 million in the first quarter of 2015.  The primary reason for the increase was the positive impact of the stronger US dollar on US dollar denominated revenues.  Higher volumes of water chemicals products also contributed to the increase, partially offset by lower selling prices and lower sales volumes of sulphur in the Sulphur Products and Performance Chemicals (SPPC) and International segments. Adjusted cash flows from operating activities for the first quarter were $42.3 million (2015:  $45.4 million).  \n\nDistributable cash after maintenance capital expenditures for the first quarter was $37.5 million, or $0.54 per unit (2015:  $41.7 million, or $0.61 per unit).  During the first quarter of 2016 and the comparable period of 2015, distributable cash benefited from maintenance capital expenditures being lower than the respective anticipated annual run rates.  Maintenance capital expenditures during 2016 are expected to be approximately $50.0 million.  \n\nAdjusted EBITDA for the first quarter was $54.0 million compared with $58.1 million in the first quarter of 2015.   \n\nNet earnings for the first quarter of 2016 were $28.8 million compared with a net loss of $9.0 million in the same period in 2015.  The increase in net earnings was primarily due to unrealized foreign exchange gains, lower net finance costs, and an income tax recovery during the first quarter of 2016, parti...