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 Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Georgia Delegation visit Naval Academy "NYVaptsarov"

From 15 to 17oktomvri 2014. Naval Academy "N. Vaptzarov "hosted a delegation from Georgia led by prof. Sharabidze Irakli - Rector of the State Maritime Academy, city.

Zamakona Yards Delivers Tuna Freezer Vessel

Zamakona Yards yesterday celebrated in Getxo (Bizkaia) the delivery of the tuna freezer vessel LJUBICA, their latest construction to the owner group Jadran based in Ecuador and Panamá.

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

Finance

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

Weak Oil Threatens US Export of LNG

Plunging global oil prices may turn hopes for cheap liquefied natural gas supplies from the United States into a costly disappointment for Asian buyers who have

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1294 sec (8 req/sec)