Wilh. Wilhelmsen Posts Strong Results

The Wilh. Wilhelmsen ASA (WW) global maritime industry group achieved a net operating income of $85m for the third quarter of 2007. The corresponding figure for the same period of last year was $70m. Operating income totalled $672m in the third quarter, up from $542m for the same period of last year. Profit before taxes was $79m, compared with $12m in the same quarter of last year. Net profit amounted to $76m as against a loss of $3m in 2006. The group achieved a total operating income of $1.9b for the first nine months, compared with $1.8b for the same period of 2006. Net operating profit for the period came to $207m, up from $202m, while profit before tax amounted to $191m as against $139m. In line with WW's policy of paying dividend twice a year, the board is proposing a supplementary dividend of $0.65 per share for the second half of 2007. Subject to approval by an extraordinary general meeting on 20 November, this will bring the total payout by WW ASA for 2007 to $1.66. That includes the dividend of $1.01 per share paid in the first half. WW expects a profit for 2007, after ordinary financial items and adjusted for special items, which is somewhat weaker than in 2006. This is in line with the first-half forecast. Higher bunkers prices for 2007 and a possible new Norwegian tax regime for shipowning companies will affect the annual result.