But results for July-September were weaker than in the second quarter, which was one of the best periods ever for WW. Comparing results for the third quarter with the corresponding period of 2002 shows a certain improvement.

Liner and car carrier activities in Wallenius Wilhelmsen Lines (WWL) achieved another positive quarter, while the corresponding business in EUKOR was negatively affected by a strike at car manufacturers Hyundai Motor Company and Kia Motors Corporation during the third quarter.

The Barber International and Barwil service companies delivered stable results, and financial items made a positive contribution during the period as a result of fixed short-term interest rates and recovery of financial income.

WW achieved an income after associates (operating income plus net income from associated companies) of USD 58 million for the first nine months. This represented a slight decline from the same period of 2002. Income after associates for July-September came to USD 18 million, while the corresponding figure for the second quarter was USD 28 million. Net group income at 30 September came to USD 44 million, as against USD 33 million for the same period of last year.

Total operating income for the group at 30 September was USD 706 million, an increase from the USD 615 million recorded for the first nine months of 2002.

As mentioned above, a new item has been added to the group accounts with effect from 1 January. It covers net income from associates for those companies valued in accordance with the equity method. This is because the steadily rising contribution to results from associated companies relates more closely to operations than to financial items. As part of the change, the accounting presentation of the Wallenius Wilhelmsen Lines (WWL) investment in Compagnie d’Àffretement et de Transport SA (CAT) has been changed from proportionate consolidation to the equity method with effect from the same date. The consequences of the change in accounting presentation are described in greater detail in the balance sheet and income statement.

The interim accounts have otherwise been prepared in accordance with the same principles as the annual accounts and with the Norwegian Accounting Standard for interim reporting.

Please find the complete report under Related links on the right.