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)
Wilh. Wilhelmsen Holding ASA is a global maritime industry group focusing on shipping and integrated logistics services for cars and rolling cargo through its shareholding in Wilh. Wilhelmsen ASA. The group also occupies a leading position in the global maritime service industry through Wilhelmsen Maritime Services AS, delivering products and services to some 200 shipyards and 22 000 vessels annually. For more information, please visit www.wilhelmsen.com