First quarter results 2011
(Thomson Reuters ONE) -
29% growth in transported volumes and improved cargo mix boosted Wilh.
Wilhelmsen ASA's total income and operating profit year over year. The
underlying market development is positive, but reduced export volumes out of
Japan will impact performance short term.
Operating profit for Wilh. Wilhelmsen ASA (WWASA) amounted to USD 49.1 million
for the first quarter of 2011, up from USD 22.1 million in the first quarter of
2010 (corresponding period for 2010 hereafter in brackets). Total income
amounted to USD 522.7 million (USD 419.3 million).
"Volumes held up well in a quarter normally impacted by seasonality, confirming
underlying growth," says Jan Eyvin Wang, president and CEO of WWASA. "Except for
reduced activity in the Middle East trade, volumes increased in all trades with
export from Asia to Europe and the US back from a low level in the first quarter
of 2010.
Wallenius Wilhelmsen Logistics showed a substantial improvement from the first
quarter of 2010, backed by increased car and especially high and heavy volumes.
EUKOR Car Carriers continues to deliver solid performance while American Roll-on
Roll-off Carrier was negatively impacted by reduced US activity in the Middle
East.
"The three first months of 2011 have been characterised by increasing bunker
prices. Combined with the tragic earthquake that hit Japan in the middle of
March this has reduced our earnings," says Wang. "With a high activity level,
logistics contributed well to the operating profit"
Group profit before tax and minority interest was USD 28.3 million (a loss of
USD 14.8 million) for the quarter. Financial expenses amounted to USD 20.8
million (expense of USD 36.9 million) negatively impacted by a weaker USD.
Net profit after tax and minority interest amounted to USD 25.4 million (loss of
USD 5.5 million).
On 28 April the annual general meeting resolved to pay a dividend of NOK 0.50
per share. The dividend was paid on 10 May. The objective is to pay dividends
twice a year.
While the underlying development is positive, the board of WWASA expects the
moderate growth in transported cargo volumes to be delayed to the second half of
2011.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
WWASA Q1 2011 presentation by JE Wang:
http://hugin.info/143231/R/1514817/450941.pdf
WWASA Q1 2011 financial presentation:
http://hugin.info/143231/R/1514817/450939.pdf
WWASA Q1 2011 pressemelding:
http://hugin.info/143231/R/1514817/450943.pdf
WWASA Q1 2011 financial report:
http://hugin.info/143231/R/1514817/450938.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Wilh. Wilhelmsen ASA via Thomson Reuters ONE
[HUG#1514817]
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 54556
Anzahl Zeichen: 3599
contact information:
Town:
Lysaker
Kategorie:
Business News
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