2Q Results for Wilh. Wilhelmsen

Tuesday, August 01, 2006
The Wilh. Wilhelmsen ASA (WW) maritime group released its result for the second quarter and the first half. WW has written down the value relating to assets in Global Automotive Logistics SAS (GAL), parent company of Compagnie d'Affrètement et de Transport SA (CAT), by $25m to zero because of continued weak results and an unclear financial position. Wallenius Wilhelmsen Logistics (WWL - 50% owned by WW) owns 40% of CAT/GAL. WW has long warned that the position in the French logistics company is not good enough, and wrote down GAL by $14m as early as the third quarter of 2005. Operations are otherwise going very well for WW. Net operating profit for the group in the second quarter was $58m. A decline of $14m from the same period of last year reflects the CAT/GAL write-down. Adjusted for the CAT/GAL write-down, net operating profit for the second quarter came to $83m. This represents an improvement of $11m from the same period of 2005. Total operating income for the second quarter reached a record $664m compared to $516m for the same period of 2005. Profit was $51m before taxes compared with $64m in the same period of last year, and $36m after taxes as against $60m. Net operating profit for the first half of 2006 came to $132m, compared with $126m for the same period of last year. Adjusted for the CAT write-down, net operating profit for the period came to $157m. This represents an improvement of $31m. Total operating income was $1.3b, up from $1b, while profit was $127m before taxes compared with $138m and $112m after taxes as against $128m. The WW is maintaining the forecast made after the first quarter, and expects a profit after ordinary financial items for 2006 which represents an improvement on the year before.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

 
 
Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0666 sec (15 req/sec)