Second quarter and first half results for Wilh. Wilhelmsen ASA
(Thomson Reuters ONE) - Significant drop in demand for ocean transportation of cars and ro-rocargo impacts second quarter and first half results 2009 for Wilh.Wilhelmsen ASA.Total operating profit for the group amounted to USD 114.7 millionfor the first half of 2009, down from USD 134.6 million in 2008.Total income came to USD 1 240.0 million compared with USD 1 714.2million last year. Group profit before tax and minority interests wasUSD 183.8 million, with a profit after tax and minority interests ofUSD 208.8 million."Yet another quarter characterised by a continued weak global economyand a substantial drop in cargo volumes compared with last year isimpacting our operating income and bottom line," says Ingar Skaug,group CEO at Wilh. Wilhelmsen. "The drop in cargo volumes isparticularly evident for Wallenius Wilhelmsen Logistics. Our othershipping companies deliver satisfying results.""Despite lower activity level and reduced total income in themaritime services segment, operating profit is on par with last yearin Wilhelmsen Maritime Services following capacity cost adjustmentsand stringent cost control," says Skaug.Commenting on the group's extended portfolio of activities, Skaugsays: "Our strategy to diversify within the maritime industry provedto be successful in limiting the negative effects of the economicdownturn."Total operating profit for the second quarter of 2009 totalled USD78.3 million as against USD 74.7 million for the same period of 2008.Total income was USD 633.1 million, compared with USD 894.8 millionin the same period of last year. Profit before taxes and minorityinterests came to USD 151.8 million, compared with USD 76.8 million.On the prospects for the group, Skaug says: "The slide in oceantransportation of cars and ro-ro cargo so far this year has beengreater than the sales volume drop, bringing the global inventorylevels down. Consequently, there is reason to expect the productiondecline to approach the trough and increased probability for higherproduction levels later this year. This will in turn lead toincreased demand for transportation and related services which shouldresult in higher utilisation of our vessels."For the second half of 2009, the WW ASA board expects the globaleconomic uncertainty and weakness to continue, affecting WW's marketsand the group. The car and ro-ro markets show signs of bottoming out.The WW ASA board expects a moderate improvement in the group'soperating profit in the second half of 2009 compared with the firsthalf, however significantly lower than the same period in 2008.http://hugin.info/177/R/1332897/315756.pdfhttp://hugin.info/177/R/1332897/315760.pdfhttp://hugin.info/177/R/1332897/315761.pdfhttp://hugin.info/177/R/1332897/315762.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.08.2009 - 07:55 Uhr
Sprache: Deutsch
News-ID 4413
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