WWH Reports 2Q Earnings

Tuesday, August 09, 2011

Wilh. Wilhelmsen Holding ASA's (WWH) topline lifted by continued increase in volumes transported deep sea. Underlying development in the group's activities is positive.
The operating profit for WWH amounted to $1.4 million for the second quarter, up 23.8% from the first quarter. Total income came to $838.8 million, up 11.3% quarter-on-quarter.
"The export out of Japan rebounded faster than expected after the earthquake. Despite reduced Japanese production in the beginning of the quarter, the group recorded a total volume increase of 8% quarter on quarter, supported by continued export out of Korea and high and heavy volumes," says Thomas Wilhelmsen, group CEO at WWH. "With a modern and flexible fleet, we are confident with our tonnage position and ability to take part in the expected volume developments within cars and high and heavy cargoes."
"Our maritime services segment delivered increased income and recorded higher activity within all of its three business areas. Operating profit and operating margin is still somewhat disappointing. With a substantial share of revenue in USD and the majority of costs in local currencies, a low USD has a negative effect on the operating profit and consequently the operating margin," says Wilhelmsen. "The operating profit was also impacted negatively by increased commodity prices and a cost accrual made in the second quarter."
"To rectify the situation in the maritime services segment a profit improvement programme has been introduced and we expected to gradually improve operating profit towards the end of the second half," says Wilhelmsen.

Net profit after tax and minority for the group ended at $18.4 million for the quarter, down from $22.3 million in the first quarter.

The board of WWH expects the underlying positive development of the group activities to continue, still driven by growth in Asian export and emerging markets economies. The profit improvement plan under implementation in WMS is anticipated to have a gradual positive effect on the results. Escalation of the debt problem in developed countries and continued depreciation of the USD may, however, prove to be challenging for the group's performance.

Maritime Today


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

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

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Finance

Baltic Index Down as Rates for Large Vessels Stay Weak

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday on weaker rates for larger vessels and supramaxes.

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.1238 sec (8 req/sec)