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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

USN's Fourth MUOS Satellite Launched

After a two-day delay due to tropical storm conditions, the Navy's fourth Mobile User Objective System (MUOS) satellite launched at 6:18 a.m. EDT from Space Launch Complex 41.

Shipbuilding

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

Edelweiss Now Controls Bharati Shipyard

Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET.   Edelweiss now controls 70% of the Indian yard’s debts.

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.

Offshore

Edelweiss Now Controls Bharati Shipyard

Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET.   Edelweiss now controls 70% of the Indian yard’s debts.

Offshore Operators Can Simplify Safety Equipment Logistics

Safety equipment manufacturer VIKING Life-Saving Equipment said its Offshore Safety Agreements are providing relief for offshore operators seeking to ensure compliance

Keppel Delivers Jackup to UMW-OG

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) has delivered UMW Naga 8, a KFELS B Class jackup rig, to Malaysia’s UMW Oil & Gas Corporation Berhad (UMW-OG).

Finance

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. (G E Shipping) delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

Taiwan Eyes Budget for New Submarines

Taiwan’s defense ministry seeks financing to expand the country’s submarine fleet, reports Reuters quoting local media reports.   The government has allocated $92.

Marine Equipment

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.

Dorian Acquires 2 ECO VLGC

Dorian LPG, an owner and operator of modern Very Large Gas Carriers ("VLGCs"), reported today that it has taken delivery of the ECO VLGC Commodore from Hyundai

Offshore Operators Can Simplify Safety Equipment Logistics

Safety equipment manufacturer VIKING Life-Saving Equipment said its Offshore Safety Agreements are providing relief for offshore operators seeking to ensure compliance

Logistics

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

DP World Nhava Sheva Helps Enhance Efficiency

DP World Nhava Sheva, well-known for its operational efficiency; once again orchestrated a win-win situation for the trade and maintained normal import and export

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair 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: 0.4723 sec (2 req/sec)