WW Announces 3Q Results

Wilh. Wilhelmsen ASA (WW) proposed an additional dividend of $.62 per share. Subject to approval by an extraordinary general meeting on November 18, this will bring the total dividend payment by WW for 2005 to USD 1.24 per share.

Adjusted for substantial one-off items and the recently-completed acquisition of Unitor, the company delivered the same solid result for the third quarter as it did in the same period of 2004. Net operating profit for the third quarter was USD 39 million, compared with $64 million in the same period of last year.

Total operating income for the third quarter came to $603 million as against $460 million for the same period of last year. Profit was $51 million before tax, compared with $59 million for July-September last year, and $45 million after tax as against USD 50 million.

The first nine months of 2005 yielded a net operating profit of $165 million, compared with $155 million for the same period of last year. Total operating income was $1 599 million as against $1 344 million. Profit came to $189 million before tax, as against $140 million, and $173 million after tax compared with $121 million.

Following its acquisition of Unitor, WW now has 382 offices in 72 countries.

WW expects its results for 2005 to represent a clear improvement from last year, providing no changes occur in the value of financial instruments.