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

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Shipbuilding

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Offshore

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Marine Equipment

ClassNK Approves Niigata Dual-fuel Engine Design

Classification society ClassNK has granted approval to the design of the new 28AHX-DF dual-fuel engine developed by Niigata Power Systems Co., Ltd. The new engine

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Logistics

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Night Moves on America's Waterways

Overnight operations are certainly not unusual on America’s inland waterways, but that doesn’t make them any less hazardous. Onboard activities that seem so straightforward

CMA CGM Acquires OPDR

The CMA CGM Group has acquired the German shipping company Oldenburg-Portugiesische Dampfschiffs-Rhederei GmbH & Co. KG (OPDR), CMA CGM founder, chairman and CEO Jacques R.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pod Propulsion Ship Electronics Ship Repair Ship Simulators 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: 0.5253 sec (2 req/sec)