Wilh. Wilhelmesen Holdings Report Profits in Q2 2012

Growth in shipping earnings & rebound by maritime services segment lift operating profit in second quarter 2012.

Operating profit for the second quarter was USD 139 million (USD 71 million), an increase of 94% compared with the second quarter of 2011 and up 31% from the first quarter of 2012.

Total income amounted to USD 972 million (USD 836 million), representing an increase of 16% compared with the similar period last year and an increase of 3% from the first quarter of 2012. Profit after tax and minority interests ended at USD 64 million (18 million), a reduction of USD 5 million from the first quarter.

“With continued increase in volumes combined with sound cargo and trade mix, our shipping and logistics segment delivers record earnings in the second quarter,” says Thomas Wilhelmsen, group CEO at WWH. “Although volumes have increased steadily from a low level in 2009, we’ve seen that the growth rate has now softened in some markets.”

The strong performance of Wilhelmsen Maritime Services (WMS) reflects the full impact of profit improvement programmes implemented during 2011 as well as appreciation of the USD.

“We are pleased to see that WMS are back at all time high operating profit and a margin well above our 9% target. However, we still see and expect a weak shipping market impacting owners’ purchasing capabilities, reducing demand for certain maritime products and services.”

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