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Mon 4 Aug 2008, 10:19 GMT

W. Wilhelmsen raises profit by $6.5m


Q2 income and profit up vs 2007 despite higher bunker prices.

Strong demand for maritime services and increased cargo volumes contributed to a solid increase in profit for the Wilh. Wilhelmsen group during the second quarter of 2008.

Total operating income for the group in the second quarter of 2008 amounted to USD 894.8 million, up from USD 671.4 million in 2007, while operating profit came to USD 74.7 million compared with USD 68.2 million last year. Group profit before tax and minority interests amounted to USD 76.8 million, with a profit after tax and minority interests of USD 73.0 million, up 9.5% and 20% respectively from the same quarter of last year.

"This 33% increase in income stems from a growth in cargo volumes carried by a larger fleet, rising demand for maritime services and higher bunker cost compensation," says Ingar Skaug [pictured], group CEO at Wilh. Wilhelmsen.

"Although our operating profit has improved, the WW group would benefit from a less tight market. The maritime services and logistics segments delivered increased operating profit, but higher operating costs and bunker prices reduced the operating profit in the shipping segment. The operating margin was hurt by a weakened USD and a one-off provision of USD 21.9 million related to a global administration cost reduction programme in Wallenius Wilhelmsen Logistics."

Total operating income for the first half of 2008 totalled USD 1.7 billion as against USD 1.3 billion for the same period of 2007. Operating profit was USD 134.6 million, compared with USD 121.5 million in the same period of last year. Profit before taxes came to USD 81.3 million, compared with USD 112.0 million.

"Given bunker prices at the current level during the second half of 2008, we maintain the expectation that the group's operating profit for 2008 will exceed the level achieved in 2007," concluded Skaug.
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