Total operating profit for WWH amounted to USD 123.0 million for the first half of 2010, up from USD 114.7 million in 2009. Adjusted mainly for the sale of shares in the Korean logistics company Glovis recorded in the second quarter of 2009, the operating profit is up approximately 50%. Total income came to USD 1 364.6 million compared with USD 1 240.0 million last year. Group profit before tax and non-controlling interests was only USD 4.1 million for the first half of 2010 due to unrealised losses in financial instruments mainly related to lower long term interest rates against USD 183.8 million for the same period last year.
“Volumes continue to pick up, and we have seen strong growth in especially the North Atlantic and the Asia-Europe/North America trades, the latter driven by encouraging development in Japanese exports. This resulted in a 24% volume growth in the second quarter compared to the first quarter of 2010 or a 32% increase when comparing first half of 2010 with the similar period last year,” says Ingar Skaug, group CEO. “This has boosted first of all the shipping earnings, but also benefitted our logistics activities,” he adds.
“Our maritime service segment keeps a stable activity level. Although the sales to yards have been reduced, sales of products and services to the merchant fleet is still solid resulting in the operating profit and margin reaching an all time high in the second quarter,” comments Skaug, adding that “we expect further growth short term, with a stronger growth potential long term related to new product offers and increased activity level in the merchant fleet in general.”
For the second quarter of 2010, the total operating profit for WWH totalled USD 79.0 million as against USD 78.3 million for the same period of 2009. Total income was USD 724.9 million, compared with USD 633.1 million last year. Group loss before tax and non-controlling interests was USD 1.5 million strongly affected by unrealised losses in financial instruments in the second quarter of 2010 against a gain of USD 151.8 million for the same period in 2009.
Based on the recent restructuring of the Wilh. Wilhelmsen group and positive signals from most of the markets in which the group operates, the board expects promising results for all the group’s business segments going forward.
For further information, contact
Ingar Skaug, group CEO tel: +47 67 58 41 08 (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)
Bjørge Grimholt, communication director tel: +47 67 58 43 81 (office), +47 909 16 428 (mob)