Wilh. Wilhelmsen Reports Profit Growth in Q1 2012

Press Release
Thursday, May 10, 2012

Wilh. Wilhelmsen Holding ASA  reports profit growth lifted by high total income and operating profit in the shipping segment.

Operating profit amounted to USD 106 million for the first quarter of 2012, up 84% year over year from USD 58 million in the corresponding quarter of 2011. Total income increased 26% and ended at USD 946 million (USD 753 million).

“With all time high revenue in the shipping segment, the group’s earnings improved considerably year over year. Despite a seasonally weaker quarter, we also recorded a positive development quarter on quarter,” says Thomas Wilhelmsen, group CEO of WWH. “Our shipping activities benefitted from favourable trade balance and a sound balance between auto and high and heavy volumes. Introduction of new and larger vessels contributed to more efficient operations with a positive effect on earnings,” says Wilhelmsen.

The group’s maritime services segment continued to show a positive development.

“Sales to the merchant fleet have improved and we have increased the number of vessels on management. This contributes to increased total income both quarter on quarter and year over year. The activity level related to newbuildings and retrofits have been slower, with reduced income albeit an increase in order reserve,” says Wilhelmsen.

“Following the withdrawal of the ballast water treatment system earlier this year, the operating profit for the segment was negatively impacted by a loss of USD 15 million. Adjusted for the loss, the maritime services segment recorded a 60% year over year increase in operating profit. The profit improvement plan accomplished last year has lifted the segment back to a 9% operating margin.”

Net financials for the quarter amounted to an expense of USD 9 million (expense of USD 23 million), positively affected by a USD 10 million gain from investment management (gain of USD 4 million) and a gain of USD 2 million from sale of 12 million shares in Qube. WWH owned approximately 8.4% of Qube by the end of the quarter.

Net profit after tax and minority interest was USD 69 million (USD 22 million) for the first three months of 2012, an increase of USD 10 million from the fourth quarter of 2011.

The annual general meeting held on 26 April approved a dividend of NOK 3.50 per share paid on 9 May. The group intends to pay dividend semi-annually.

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

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

People & Company News

Petrobras, Mitsui Study South Brazil LNG Import Terminal

Brazil's state-run oil company Petroleo Brasileiro SA and Japanese trading house Mitsui Corp will study building a liquefied natural gas (LNG) terminal in the country's southernmost state,

ISS Network Expands to Venezuela

Inchcape Shipping Services (ISS) has expanded its network in Central and South America with the opening of ISS Venezuela in Puerto La Cruz. Port Manager, Aldo M.

300 Missing After Korean Ferry Capsizes

Almost 300 people were missing after a ferry capsized off South Korea on Wednesday, despite frantic rescue efforts involving coastguard vessels, fishing boats and helicopters,

Shipbuilding

US Sens. Kaine and Reed Visit Newport News Shipbuilding

Huntington Ingalls Industries (HII) hosted U.S. Sens. Tim Kaine (D-Va.) and Jack Reed (D-R.I.) Tuesday for a tour of the company's Newport News Shipbuilding division.

Damen Launches Kuwait Oil Company’s New Tug

First of 14 ASD Tugs launched at Damen Shipyards Galati The Kuwait Oil Company’s (KOC) new ASD Tug 3212 was launched end of March at Damen Shipyards Galati, Romania.

Samsung Heavy Takes Up 7 Container Ship Order

South Korea's Samsung Heavy Industries said on Wednesday that it is proceeding with a project worth 642.9 billion won ($617.67 million) to build seven container ships as planned.

Offshore

USCG: Deepwater Horizon Response is Far from Complete

The U.S. Coast Guard federal on-scene coordinator (FOSC) for the Deepwater Horizon Response completed the transition to the “Middle Response” (“Middle

Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger

GoM Drill Rig Damaged, Coast Guard Monitoring

The U.S. Coast Guard (USCG) is overseeing response efforts, as the offshore drilling rig ENSCO 8506 began taking sea-water into a ballast tank after being hit by

Finance

Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received

Marine Equipment

Maersk Line named race partner for the Volvo Ocean Race

The world’s largest container shipping company, Maersk Line, is the official shipping partner for the Volvo Ocean Race, the pre-eminent round-the-world yacht race.

Topaz secures another West Africa contract

Topaz Energy and Marine, a leading offshore support vessel company with primary operations in the Middle East and Caspian, today announced a new contract win for

New E2S System Signals Lifeboat Launch

U.K. signalling manufacturer E2S Warning Signals has designed and developed a bespoke siren system to alert people nearby when an RNLI lifeboat is launching.   The

Logistics

ISS Network Expands to Venezuela

Inchcape Shipping Services (ISS) has expanded its network in Central and South America with the opening of ISS Venezuela in Puerto La Cruz. Port Manager, Aldo M.

First Crude Lifting in 9 months at Libya's port of Hariga

A tanker has started loading crude at Libya's eastern port of Hariga for the first time in nearly nine months, after a federalist group agreed to re-open it last week,

Hong Kong Tin Hau Festival

The Tin Hau Festival at Tai Miu Wan will be celebrated this year on 22 April 2014. Coxswains, owners and operators of local vessels are advised that arrangements

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators 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: 0.1395 sec (7 req/sec)