First quarter results for 2011
(Thomson Reuters ONE) -
Wilh. Wilhelmsen Holding ASA (WWH) delivered a substantial increase in operating
profit year over year backed by a rebound in its shipping activities.
WWH posted an operating profit of USD 57.7 million for the first quarter of
2011, up 31% from USD 44.0 million in the similar quarter of 2010 (corresponding
period of 2010 hereafter in brackets). Total income amounted to USD 753.2 which
is up almost 18% from 2010 (USD 639.7 million).
"Compared with 2010, we have shipped 29% more cars and high and heavy cargo the
first three months of the year. This affects earnings in the shipping and
logistics segment positively," says Thomas Wilhelmsen group CEO at WWH. "In
2011, we have seen continued reduced activity in the Middle East trade, while
other trades have held up well in a seasonally weak quarter. Increased bunker
costs also affect our results negatively."
In the first quarter, the operating profit for the maritime services segment was
negatively affected by lower activity level in Middle East/North Africa
following political unrest, flooding in Australia and increased cost due to a
weak USD.
"Underlying growth for the maritime services segment is positive, and several
mitigating actions are pursued to overcome some of the challenges the segment
has seen lately. We also expect new products and solutions to create new revenue
streams going forward," says Wilhelmsen.
Net profit after tax and minority interests was USD 22.3 million (USD 8.8
million).
Net financials was an expense of USD 22.8 million (expense of USD 38.4 million),
positively affected by a USD 9.4 million unrealised gain from mark to market
valuation of the group's interest rate hedging instruments (loss of USD 8.0
million).
In April, WWH signed an agreement to sell its share in Australian Kaplan
Investments in exchange for shares in Qube Logistics. WWH will hold an estimated
88 million shares in the company listed on the Australian Stock Exchange.
28 April, the annual general meeting resumed to pay NOK 3.5 as dividend per
share. The dividend was paid 12 May. The objective is to have consistent yearly
dividend paid twice a year.
The board of WWH expects the development in world economy to continue, with
positive effects for the group's business segments. Reduced export volumes out
of Japan will impact shipping volumes short term. Continued unrest in the Middle
East, depreciating USD and increase in bunker price may also prove to be
challenging for the group's performance.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
WWI Q1 2011 press release:
http://hugin.info/177/R/1514808/450922.pdf
WWI Q1 2011 pressemelding:
http://hugin.info/177/R/1514808/450923.pdf
WWI Q1 2011 Financial report:
http://hugin.info/177/R/1514808/450920.pdf
WWI Q1 2011 Presentation:
http://hugin.info/177/R/1514808/450921.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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 Holding ASA via Thomson Reuters ONE
[HUG#1514808]
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 54559
Anzahl Zeichen: 3943
contact information:
Town:
Lysaker
Kategorie:
Business News
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