Wilh. Wilhelmsen ASA
(WW) posted its results for 2005. Net operating profit was $232 million, while total operating income came to $2.2 billion. Profit before taxes was $209 million. WW's net operating profit for the fourth quarter of 2005 came to $67 million, with total operating income at $608 million. Profit before taxes came to $21 million, compared with $45 million in the same period of 2004. This decline is entirely attributable to a repricing, without liquidity effect, of future hedging contracts as a result of new accounting principles which reduced fourth quarter profit before taxes by $45 million. An extensive newbuilding program is being pursued by WW to secure new and modern tonnage, with 11 ships ordered by the group for delivery in 2006-09. WW expects its net operating profit for 2006, including ordinary financial items, to be in line with the year before.