Lower debt bill boosts Interbulk

Published on 15/06/2012 00:00

CHEMICALS distribution firm Interbulk, in which engineering tycoon Jim McColl holds a stake, has grown its underlying profits by a fifth to £2.5 million as it continues to reap the benefits of last year’s debt restructuring.

Turnover for the six months to 31 March dipped by 3 per cent to £141m after a slowdown in demand during the first quarter was reversed by a more buoyant market in the second quarter.

Chief executive Koert van Wissen said last year’s sale of a stake in the East Kilbride-based business to Chinese firm Sinotrans was continuing to pay dividends, with its partnership developing in the Far East.

The firm’s debt restructuring cut the firm’s interest payments by £1.3m during the first half.

Van Wissen added that Interbulk was continuing to diversify into food transportation.