Wilh. Wilhelmesen Holdings Report Profits in Q2 2012

Press Release
Thursday, August 09, 2012

Growth in shipping earnings & rebound by maritime services segment lift operating profit in second quarter 2012.

Operating profit for the second quarter was USD 139 million (USD 71 million), an increase of 94% compared with the second quarter of 2011 and up 31% from the first quarter of 2012.

Total income amounted to USD 972 million (USD 836 million), representing an increase of 16% compared with the similar period last year and an increase of 3% from the first quarter of 2012. Profit after tax and minority interests ended at USD 64 million (18 million), a reduction of USD 5 million from the first quarter.

“With continued increase in volumes combined with sound cargo and trade mix, our shipping and logistics segment delivers record earnings in the second quarter,” says Thomas Wilhelmsen, group CEO at WWH. “Although volumes have increased steadily from a low level in 2009, we’ve seen that the growth rate has now softened in some markets.”

The strong performance of Wilhelmsen Maritime Services (WMS) reflects the full impact of profit improvement programmes implemented during 2011 as well as appreciation of the USD.

“We are pleased to see that WMS are back at all time high operating profit and a margin well above our 9% target. However, we still see and expect a weak shipping market impacting owners’ purchasing capabilities, reducing demand for certain maritime products and services.”

The board maintains a cautiously optimistic view short term, but underlines that medium term prospects will depend on the development of the world economy.
 


 

Maritime Today


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

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

People & Company News

TORM's CFO Zacho Quits

TORM's Chief Financial Officer (CFO) Mads Peter Zacho has resigned to become Chief Executive Officer of J. Lauritzen A / S. Mads has been with TORM since 2013.

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

KOTUG Begins Operations in Mozambique

KOTUG Mozambique has begun exclusive port and terminal towage services with two Rotortugs in the new port of Nacala-a-Velha in northern Mozambique for Nacala Development Corridor (CDN),

Finance

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

Sovcomflot IPO Soon

The long-awaited initial public offering (IPO) of Sovcomflot, which runs one of the world’s largest tanker and gas carrier fleets, has moved a step closer.    Economy

 
 
Maritime Careers / Shipboard Positions Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar 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: 0.0790 sec (13 req/sec)