Third quarter results for 2010
(Thomson Reuters ONE) -
Wilh. Wilhelmsen Holding ASA (WWH) continues to record a year on year increase
in operating profit. The shipping segment is the main contributor to the solid
improvement.
Total operating profit amounted to USD 74.3 million for the third quarter of
2010, up from USD 47.8 million for the same period last year. Total income came
to USD 714.1 million compared with USD 604.9 million in 2009.
"Overall shipping volumes increased with 27% year over year. We see the positive
development from the second quarter of 2010 continue into the third quarter.
While volumes are slightly down due to seasonality, the relative share of high
and heavy cargo is increasing, giving us improved cargo mix and significant
increase in operating profit and total income," says Thomas Wilhelmsen, group
CEO.
While activity level remained high in the group's logistics and maritime
services segments, results were down from previous levels.
"The maritime services segment still experiences different development within
its business areas. Ships service and ship management activities related to the
merchant fleet recorded increased sales in the third quarter, while ships
equipment still suffers from reduced newbuilding activity," says Wilhelmsen.
Group profit before tax and minority interests was USD 34.7 million in the third
quarter up from USD 24.6 million in the third quarter of 2009. Financial
expenses came to USD 39.6 million for the period, up from USD 23.3 million last
year. Net result after tax and minority interests came at a loss of USD 27.8
million for the third quarter against a profit of USD 30.1 million for the same
quarter last year. The result was negatively impacted by USD 83.0 million in tax
expenses, related to a conversion of the environmental fund to deferred tax due
to the tax office's intention to turn down Wilh. Wilhelmsen ASA's application
for the new Norwegian tonnage tax regime.
Commenting on the outlook for shipping and logistics, Wilhelmsen says: "We
expect continued overall growth in cargo volumes for our shipping and logistics
activities in the fourth quarter, followed by a seasonal downturn into the early
parts of 2011."
"For our maritime services segment, we foresee the stable development in total
revenue to proceed in the fourth quarter, but with continued differences between
the business areas," ends Wilhelmsen.
The board of WWH is pleased with the new group structure and the underlying
business performance.
Being cautiously optimistic about further growth, the board expects this to
benefit the group's companies and operating results for the year and into 2011.
For further information, contact
Thomas Wilhelmsen, group CEO, tel: +47 67 58 40 00 (office)
Nils P Dyvik, group CFO, tel: +47 67 58 45 65 (office), +47 911 16 079 (mob)
Åge S Holm, IRO, tel: +47 67 58 41 95 (office), +47 900 87 670 (mob)
Benedicte Gude, group VP communication, tel: +47 67 58 41 77 (office),
+47 959 07 951 (mob)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1461236]
Q3 2010 presentation by David Tandy:
http://hugin.info/177/R/1461236/400422.pdf
Q3 2010 presentation by Thomas Wilhelmsen:
http://hugin.info/177/R/1461236/400421.pdf
Q3 2010 presentation by Nils P Dyvik:
http://hugin.info/177/R/1461236/400418.pdf
Q3 2010 report:
http://hugin.info/177/R/1461236/400428.pdf
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Source: Wilh. Wilhelmsen Holding ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 11.11.2010 - 07:01 Uhr
Sprache: Deutsch
News-ID 48644
Anzahl Zeichen: 4465
contact information:
Town:
Lysaker
Kategorie:
Business News
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