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

People & Company News

Aftermath of Scotland Independence Referendum: Platten Speculates

After the referendum debate on Scottish independence Guy Platten, Chief Executive Officer of the UK Chamber of Shipping has called for the divisions created by the campaign to be healed.

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

MSC Award Two Time-Charter Contract Modifications

The US Department of Defense informs that Offshore Service Vessels, Inc., and Sealift, Inc., have each been awarded time charter option extensions by the US Navy's

Finance

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Dun & Bradstreet Partners Oracle to Reach for Cloud Solutions

Oracle and Dun & Bradstree, the world's leading source of commercial information and insight on businesses, today announced they have partnered to extend Oracle's

Chariot Oil & Gas 1H 2014 Interim Results

Chariot Oil & Gas Announce Interim Results for 1H 2014 Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, today announces

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
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: 0.1936 sec (5 req/sec)